FCPO
FCPO 3rd Month Futures - 10 July 2024
Wed, 10-Jul-2024 08:31 am
by Dealing Team • Apex Futures

FCPO
Pivot
3925
Resistance
3945 / 3964 / 3983 / 4012
Support
3900 / 3877 / 3867 / 3838
Possible Range
3860 to 3970
Strategy
Long positions may be opened above 3930 with targets at 3945/3964 stop-loss at 3905
Short positions may be opened below 3930 with targets at 3900/3877 stop-loss at 3955

FCPO Sep month fell 83 points or 2.05 % to close lower at 3959. Malaysia crude palm oil futures closed down on Tuesday amid worries about upcoming increases in production and stock levels. Moreover, the lackluster performance of the soybean oil market added to the downward pressure on prices.

MPOB is set to publish a palm oil supply and demand report on July 10, and market participants will eagerly anticipate the report for further trading insights.

Overnight Soybean oil Dec Month fell 1.95 to closed lower at 46.31. Dalian’s active palm oil contract fell 128 to 7696 at previous night session.

Tracking negative performance in Soybean Oil and Dalian palm oils, palm prices likely to continue in downward movement. The immediate support and resistance levels are pinpointed at 3900 and 3945, respectively.

(News Source: Bernama)

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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.186344 4.224837
EUR 4.692802 4.707788
CNY 0.594564 0.595974
HKD 0.537155 0.542118
SGD 3.243708 3.273864