FCPO Daily Market Commentary on 05/11/09

CPO 3rd month Jan futures contract surge RM70 higher as compare to previous trading sessions to close at RM2260 with a total of 10,758 lots traded in the market. CPO price was opened higher due to firm trading for crude oil and soybean oil overnight trading. CPO price continue to trade higher after long consolidation in the morning trading sessions.

Technically, CPO price surge fiercely after manage to break previous resistance levels at RM2230 region after long attempt to penetrate the resistance levels. Based on our technical view, our opinion suggests CPO price would trade higher in the coming trading sessions while be cautious around resistance levels at RM2291 and RM2320 regions. Traders were advice to hold long position in the coming trading session provided support levels at RM2207 and RM2154 must not be violated during trading sessions.