FCPO Commentary on 18/06/09

FCPO 3rd month Sept Futures contract fall RM25 lower to close at RM2375 levels as compare to previous trading session with 7,789 lots traded in the market. CPO price plunge tracking behind soybean oil and crude oil electronic trading during the 2nd trading session.

Technically, CPO price seems only manage to rebound 38.1% Fibonacci levels at RM2420 regions. Based on our technical opinion, we suggest CPO price would trade lower in the coming trading session while further confirmation once support levels at RM2370 and RM2280 regions. Traders were advice to hold short position in the coming trading session while resistance levels seen at RM2420 and RM2475 regions.