FCPO
FCPO 3rd Month Futures (PM) - 28 June 2024
Fri, 28-Jun-2024 01:54 pm
by Dealing Team • Apex Futures

FCPO
Pivot
3916
Resistance
3940 / 3955 / 3975 / 3994
Support
3905 / 3889 / 3877 / 3858
Possible Range
3870 to 3970
Strategy
Long positions may be opened above 3917 with targets at 3940/3955 stop-loss at 3892
Short positions may be opened below 3917 with targets at 3905/3889 stop-loss at 3942

FCPO Sept month rose 35 points or 0.90% to 3925 closed higher at midday. Malaysian palm oil futures climbed for the third consecutive day on Friday, poised to end a three-week downturn, driven by worries about low production and rising prices of competing edible oils.

Market participants are worried about Malaysia's output, as industry forecasts predict a decline in production for June. Meanwhile, India's annual monsoon has covered over three-fourths of the country and is expected to reach the entire nation in time for the planting season, despite an earlier delay, according to senior weather officials.

The palm oil prices are likely to continue in upward movement. Immediate support and resistance levels are identified at 3905 and 3940, respectively.

(News Source: Reuters)

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Market Mover
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