FCPO Commentary on 06/01/09

FCPO 3rd month March Futures contract surge RM97 higher to close RM1837 as compare to previous trading session with 8292 lots traded in the market. CPO price was opened slightly higher and continue to trade higher with high volatility throughout the entire trading session.

Technically, CPO managed to breach the resistance levels at RM1770 and RM1830 regions. We expect CPO would trade higher in the coming trading session with resistance levels seen at RM1930 and RM2000 region. However, traders were advice to hold long position on pull back on traded price. Support levels were seen at RM1700 and RM1760.