FCPO Commentary on 04/12/08

FCPO February futures contract plunge RM67 lower compare to previous trading session and close at RM1536 with a total 6243 lots traded in the market. CPO price was traded lower yesterday as crude oil and soybean oil plunge during overnight trading as well electronic trading sessions.

Technically, CPO seems searching for support levels and temporary supported above RM1533 region; 78.6% Fibonacci retracement figures. Provided if support levels at RM1533 and RM1500 is well hold above, we expect CPO price would traded upwards to complete wave 5 projected at RM1642 as 1st resistances level while RM1708 was seen next resistance levels.