FCPO Commentary on 17/06/09

FCPO 3rd month Sept Futures contract rebound RM11 higher to close at RM2400 levels as compare to previous trading session with 10,034 lots traded in the market. CPO price was traded in large range during trading session due to some profit taking activities after fall for 3 – consecutive trading sessions.

Technically, CPO price seems bottomed around 200% projection at RMRM2360 levels. Based on our technical analyst, we suggest CPO price would rebound in the coming trading session where resistance levels seen at RM2460 and RM2510 region. Traders were advice to hold short position in the coming trading session while be extra alert around support level RM2350, RM2300 and RM2280 regions.