Despite SO strong gains, fcpo fails to take heed, probably due to weak exports estimates for the 1st half of Oct, -10% m-t-m. according to SGS and profit take ahead of weekend after posting strong gains thanks to Monday’s gap up.Fcpo finds support at 2900 and hovers within 2900-2950 range for most of the week. Above 2900 is bullish and aiming for 3000 next week, if 2950 resistance is taken out. On the other hand, a breach of 2900 could initiate “cap-closing” selling incentives.
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