FCPO Commentary on 18/09/09

CPO 3rd month Dec futures contract traded marginally RM1 higher as compare to previous trading sessions to close at RM2182 with a total of 6,661 lots traded in the market. CPO price were traded sideways during trading session despite crude oil and soybean oil overnight strong closing.

Technically, CPO price were traded sideways during trading session while manage to test 80-day and 100 – day moving resistance levels at RM2190 regions 3 time before CPO stop for trading. Based on our technical view, our opinion suggests CPO price would pull back slightly during trading sessions where support seen at RM2140 and RM2122 regions. However, traders were advice to hold long position in the coming trading sessions provided support levels were not violated. Resistance levels were seen at RM2190 and RM2205 regions.