FCPO Daily Commentary for 16th July 2010

FCPO 3rd month Sep futures contract traded RM58 higher to close at RM2439 levels as compare to previous trading sessions with a total of 15,889 lots traded in the market. FCPO price surge higher during trading session as soybean oil and crude oil electronic trading were trading higher while strong export figure was released during trading sessions.
FCPO price opened almost unchanged but soon trading higher once support levels at RM2380 region holding well during trading sessions before price surge higher towards resistance levels at RM2455 regions. Technically, FCPO price seems riding on bullish sentiment during trading were next nearest resistance levels seen at RM2460 and RM2500 regions. However, FCPO price would seen temporary overbought during trading sessions while nearest support level seen at RM2400 and RM2370 regions.