FCPO Commentary on 23/06/09

FCPO 3rd month Sept Futures contract plunge RM128 lower to close at RM2157 levels as compare to previous trading session with 10,513 lots traded in the market. CPO price plunge after soybean oil and crude oil electronic were closed lower during weekend while traded weak during electronic trading.

Technically, CPO price continue trade south after manage to breach support levels at RM2263; 38.2% Fibonacci retrace levels. Based on our technical analyst, we suggest CPO price would continue to search lower support around RM2096 and RM1930 regions in the coming trading session. Traders were suggest to hold short position in the coming trading session while be cautious around resistance levels at RM2217 and RM2256 regions.