FCPO
FCPO 3rd Month Futures - 11 July 2024
Thu, 11-Jul-2024 08:22 am
by Dealing Team • Apex Futures

FCPO
Pivot
3910
Resistance
3940 / 3970 / 3997 / 4023
Support
3884 / 3857 / 3827 / 3797
Possible Range
3860 to 3970
Strategy
Long positions may be opened above 3915 with targets at 3940/3970 stop-loss at 3890
Short positions may be opened below 3915 with targets at 3884/3857 stop-loss at 3940

FCPO Sep month fell 41 points or 1.04 % to close lower at 3918. Malaysian palm oil futures continued their decline on Wednesday, driven by a rise in inventories to their highest level in four months in June and influenced by the weakness in soyoil. However, the downside was somewhat mitigated by a rise in exports in July.

Overnight Soybean oil Dec Month fell 0.73 to closed lower at 45.58. Dalian’s active palm oil contract fell 4 to 7644 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 3884 and 3940, respectively.

(News Source: Reuters)

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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