FCPO Commentary on 15/06/09

FCPO 3rd month August Futures contract fall RM20 lower to close at RM2465 levels as compare to previous trading session with 9,289 lots traded in the market. CPO price mainly traded lower during the trading session as soybean oil and crude oil electronic trading plunge during 2nd trading session.

Technically, CPO price seems temporary supported above the support levels at RM2466 regions; 23.6 % Fibonacci retrace levels. Based on our technical analyst, we suggest CPO would trade lower in the coming trading session towards support levels at RM2425 and RM2385 regions. Traders were advice to hold short position in the coming trading session while be cautious around resistance levels at RM2525 and RM2575 regions.