Trader's Comment: CPO futures ended easier after choppy trading session

CPO futures ended easier after a choppy trading session. Prices were trading at the positive territory due to some recovery in overnight soyoil at CBOT, only down 140 points compared to down 240 points in e-CBOT yesterday. NYMEX crude oil also managed to recoup some ground to finish off low. Weakening Ringgit Malaysia (3.4400/USD) also provide some support. Benchmark Nov08 climbed to hit intra-day high at 2550 before it close at 2523 for the lunch break. Market sentiment change in the afternoon session as lack of follow through buying interest and easier physical market saw prices resumed trading with easier tone and crack below 2500 level and slides lower gradually. Prices were slammed down to 2433 in late trading hour before it recovered slightly to settle RM33 lower at 2451.

FCPO in rangy mode

Nothing much change on the immediate daily technical landscape as market continues to trade in the range between 2351 to 2730/50 level.

FKLI stuck in range trading

Market stuck in the range of 1046.5 to 1092.5. Violation of either one may give more clearer direction to the market.

KLSE ended firm

Market stayed firm with support and resistance at 1064.11-1049.88 and 1100.5 levels respectively.