FCPO Commentary on 26/11/08

FCPO February futures contract rose RM32 higher compare to previous trading session and close at RM1520 with a total 5342 lots traded in the market.

CPO price was traded higher during trading session due to strong soybean oil and crude oil overnight trading. Technically, CPO price was seen temporary supported above 23.6% Fibonacci retrace figure at RM1512 levels after tested resistance level at RM1550 region. We expect CPO price would traded higher in the coming trading session towards RM1770 region provided support levels at RM1422 and RM1450 level were not violated. Resistance levels were seen at RM 1550 and RM1600 regions.