FCPO 250909

CPO 3rd month Dec futures contract traded fall RM44 lower as compare to previous trading sessions to close at RM2146 with a total of 7,123 lots traded in the market. CPO price were trade wide range despite was mainly traded sideways despite crude oil and soybean oil were traded lower during trading sessions.

Technically, CPO price were seen consolidating within range from RM2090 to RM2120 regions be manage to break upwards 15 minutes before market stop trading. Based on our technical point of view, our opinion suggests CPO price would trade higher in the coming trading while further confirmation if manage to break above RM2188 and Rm2205 regions. However, traders were advice to only hold long position in the coming trading session provided support levels at RM2100 and RM2070 were not violated during trading sessions.