FCPO Commentary on 26/06/09

FCPO 3rd month Sept Futures contract rose RM81 higher to close at RM2336 levels as compare to previous trading session with 7,246 lots traded in the market. CPO price surge upwards as soybean oil and crude oil electronic trading were traded higher during the trading session.

Technically, CPO price manage to surge and temporary stop at RM2333, 50% Fibonacci rebound level. Based on our technical interpretation, we suggestion CPO price would temporary resisted around resistance levels at RM2333 and RM2377 regions. Traders were advice to hold short position during the trading session while be alert around support levels at RM2298 and RM2240 regions.