FCPO Commentary on 08/05/09

FCPO 3rd month July Futures contract close unchanged at RM2680 as compare to previous trading session with 12,422 lots traded in the market. CPO price was traded wild due to wild movement from soybean oil and crude oil electronic price trading.

Technically, CPO price seems stopped around the resistance levels at RM2730 regions during the trading session. We expect CPO price would trade lower in the coming trading session provided resistance levels at RM2730 and RM2755 regions were not violated. Traders were advice to hold short position in the coming trading session while be extra alert around support levels at RM2650 and RM2600 regions.