FCPO Daily Commentary For 25th Mar 2010

FCPO June Futures contract traded RM31 lower as compare to previous trading sessions to close at RM2560 with a total of 9,675 lots traded in the market. FCPO price plunge lower during trading session as soybean oil and crude oil electronic trading were trade south during trading sessions while CPO price might pessimistic on the coming ITS and SGS export figure.
FCPO price fails to penetrate resistance level RM2600 regions after 4th attempt in the hourly price before begin to plunge lower during trading sessions. Technically, FCPO price seem temporary support above support levels at RM2554 and RM2542; 61.8% and 78.6% Fibonacci support levels during FCPO price were traded weak. However, FCPO price would indicate further trading south provided support levels at RM2520 fails to hold against the selling pressure in the coming trading sessions. Resistance levels were seen at RM2570 and RM2600 regions.