FCPO Daily Commentary for 30th Mar 2010

FCPO 3rd month June futures contract traded RM14 lower to close at RM2520 levels as compare to previous trading sessions with a total of 10,112 lots traded in the market. FCPO price traded lower during trading as soybean oil and crude oil were trade weak during overnight trading despite electronic trading were traded firm.
FCPO price plunge lower towards support levels at RM2520 regions after long consolidation within range RM2540 and 2550 regions. Technically, FCPO price seems attempt to search lower support levels at RM2520 and RM2463 region after previous support levels RM2528 fails to hold against the selling pressure. However, FCPO price must not trading above resistance levels at RM2557 and RM2580 regions in order for FCPO price to remain trading in correction phase.