FCPO
FCPO 3rd Month Futures - 1 July 2024
Mon, 01-Jul-2024 08:32 am
by Dealing Team • Apex Futures

FCPO
Pivot
3913
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

Sep month gained 26 points or 0.67% to close higher at 3916. According to a trader, palm oil futures on Bursa Malaysia ended the week higher, propelled by a robust soybean oil market and anticipated production cuts in the weeks ahead.

Overnight Soybean oil Dec Month rose 0.23 to 43.79. Soybean oil Futures closed higher. Dalian’s active palm oil contract rose 32 to 7688 at previous night session.

Tracking positive performance in Dalian palm oils and Soybean oil markets, palm prices likely to trade in upside bias, but the gain might be limited. The immediate support and resistance levels are pinpointed at 3905 and 3940, respectively.

(News Source: Bernama)

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