FCPO Daily Commentary for 15th June 2010

FCPO 3rd month Aug futures contract rebound RM24 higher to close at RM2410 levels as compare to previous trading sessions with a total of 6,330 lots traded in the market. FCPO price traded higher during trading sessions as soybean oil and crude oil electronic trading were traded higher despite were settled lower during overnight trading.
FCPO price consolidate within price range from RM2390 – RM2403 region before manage to break up and settled at higher traded price. Technically, FCPO seem to rebound after trading lower towards support levels at RM2370 and RM2357 region. FCPO price trading would view as bullish trading once traded price manage to trade above resistance levels at RM2430 and RM2460; both are 50% and 78.6% Fibonacci resistance levels.