As for FCPO, market closed slightly lower yesterday after trading on either sides of the previous day's close. There was good support in the morning following strong gains in CBT soyoil, China Dalian futures and crude mineral oil. Gains were however, capped by the ringgit which rose about 1.3 pct vs USD. Reports of higher production by Southern POMA for 1-15 April prompted better selling in the afternoon. Prices were 26 higher to 2 lower in the morning and 13 higher to 14 lower in the afternoon.
Market is beginning to discount the Indonesian export levy on CPO which is expected to get Presidential approval. Export demand will be closely followed in the coming weeks. Meanwhile, forecast by market analysts, Mr Thomas Mielke and Mr James Fry, seem to indicate a price range of RM2100 - 2300 through June.
Technical view - the lower close turned indicators neutral. Ability of prices to break above 2150 may carry prices to 2200 while strong support is seen at 2100. Trend down ; RSI 43.95 ; support 2100 / 2080 / 2050 / 2000 ; resistance 2180 / 2205 / 2250 / 2280.
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FCPO closed slightly lower today. There were good support in the morning after gain in China Dalian futures, Soyoil and Crude mineral oil. However, strong Ringgit and higher production reported by Southern POMA limit the gain. Meanwhile, market analyst, Thomas Mielke and James Fry, seem to indicate a price range of RM2,100 to RM2,300 through June.
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