FCPO Commentary on 04/06/09

FCPO 3rd month August Futures contract fall RM2 to close at RM2575 levels as compare to previous trading session with 6,908 lots traded in the market. CPO price seems fails to sustain continues buying interest as soybean oil and crude oil electronic trading retrace after closed firm during overnight trading.

Technically, CPO price been traded sideways towards downside as in the 15 min price chart. Our technical knowledge suggest us that CPO price currently undergoing correction where resistance levels were seen at RM2610 and RM2654 regions. Traders were advice to hold short position in the coming trading session while be cautious around support levels at RM2544 and RM2520 regions.