FCPO
FCPO 3rd Month Futures (PM) - 21 June 2024
Fri, 21-Jun-2024 01:36 pm
by Dealing Team • Apex Futures

FCPO
Pivot
3915
Resistance
3939 / 3948 / 3964 / 3980
Support
3901 / 3880 / 3860 / 3845
Possible Range
3880 to 3980
Strategy
Long positions may be opened above 3920 with targets at 3939/3948 stop-loss at 3895
Short positions may be opened below 3920 with targets at 3901/3880 stop-loss at 3945

FCPO Sept month dropped 43 points or 0.1.09% to 3916 closed lower at midday. Malaysian palm oil futures declined on Friday, ending two days of gains, influenced by lower prices of competing vegetable oils and disappointing export figures. The contract is now poised to record its third consecutive weekly decrease.

Exports of Malaysian palm oil products from June 1-20 fell by 8.1% to 12.9% compared to May 1-20, according to AmSpec Agri Malaysia and Intertek Testing Services. Meanwhile, SGS projected June 1-20 exports at 737,717 metric tons, up from 647,353 metric tons in May 1-20, as reported by LSEG.

In the upcoming session, palm oil prices are expected to remain bearish, with potential downside limited. Immediate support and resistance levels are identified at 3901 and 3939, respectively.

(News Source: Reuters)

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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.186095 4.224386
EUR 4.685732 4.700656
CNY 0.595462 0.596801
HKD 0.537358 0.541779
SGD 3.239345 3.269267