FCPO Commentary on 09/09/09

CPO 3rd month Nov futures contract surge RM76 as compare to previous trading sessions to close at RM2130 with a total of 9,668 lots traded in the market. CPO price was traded higher as soybean oil and crude oil electronic trading were traded higher after a day rest from trading.

Technically, CPO price was manage to holding above support levels at RM2128 and RM2100 regions in the previous trading session while manage to surge higher during trading session. Based on our technical view, our opinion suggests CPO might encounter some selling pressure around resistance levels at RM2220 and RM2235 regions. However, traders were advice to hold long position around support levels at RM2167 and RM2143 regions.