FCPO Commentary on 04/03/09

FCPO 3rd month May Futures contract closed RM16 lower at RM1855 as compare to previous trading session with 10529 lots traded in the market. CPO price was seen traded sideways while waiting fresh market lead CPO price to move despite crude oil plunge during overnight trading session.

Technically, CPO price seems temporary supported above 78.6% Fibonacci retracement figures at RM1850 regions. We expect CPO price would trade higher in the coming trading session provided support levels at RM1830 and RM1850 were not violated during trading session. Traders were advice to long position in the coming trading session while be cautious around resistance levels at RM1890 and RM1940 regions.