FCPO Daily Commentary For 4th Mar 2010

FCPO May Futures contract traded RM23 higher as compare to previous trading sessions to close at RM2635 with a total of 4,799 lots traded in the market. FCPO price was trade higher during trading sessions as crude oil and soybean oil were trade higher during overnight and electronic trading sessions.
FCPO price retest previous high at RM2638 regions during trading sessions after well holding above support levels at RM2620 regions. Technically, FCPO price seem likely to trade higher once support levels at RM2620 and RM2600 were well holding against the selling pressure during trading sessions. However, FCPO price still seen trading on correction provided resistance levels at RM2645 and RM2662 were not violated during trading sessions.