FCPO Daily Commentary for 11th Aug 2010

FCPO 3rd month Oct futures contract traded RM60 lower to close at RM2670 levels as compare to previous trading sessions with a total of 11,009 lots traded in the market. FCPO price plunge lower during trading sessions as soybean oil and crude oil were traded lower during electronic trading while unfavorable ITS and SGS export figure were released during morning and afternoon trading sessions.
FCPO price penetrate previous support levels at RM2710 when open for trading at RM2708 and continue to plunge lower in attempt to test support levels at RM2690 and RM2660; both are 23.6% and 38.2%, in the hourly price chart. Technically, FCPO price seems more towards downside where next nearest support seen at RM2660 and RM2644 while crucial support levels seen at RM2538 regions. Failure to hold trading price above support levels shall trigger further selling pressure into the market. Resistances levels were seen at RM2695 and RM2736 regions.