FCPO Commentary on 03/07/09

FCPO 3rd month Sept Futures contract plunge RM84 lower to close at RM2175 levels as compare to previous trading session with 10,822 lots traded in the market. CPO price was traded lower as soybean oil and crude oil electronic trading change direction despite was traded firm on overnight trading.

Technically, CPO price seems temporary support at 61.8% Fibonacci projection levels at RM2170 regions. Based on our technical interpretation, our opinion suggest CPO price would continue traded lower in the coming trading session where resistance levels seen at RM2209 and RM2235 regions. Traders were advice to hold position on rebound while support seen at RM2145 and RM2093 levels.