FCPO
FCPO 3rd Month Futures (PM) - 16 July 2024
Tue, 16-Jul-2024 02:02 pm
by Dealing Team • Apex Futures

FCPO
Pivot
3905
Resistance
3935 / 3955 / 3963 / 3989
Support
3905 / 3886 / 3869 / 3844
Possible Range
3860 to 3960
Strategy
Long positions may be opened above 3920 with targets at 3935/3955 stop-loss at 3895
Short positions may be opened below 3920 with targets at 3905/3886 stop-loss at 3945

FCPO Oct month rose 40 points or 1.03% to 3920 closed higher at midday. Malaysian palm oil futures climbed on Tuesday, supported by stronger rival contracts in Dalian and Chicago, as well as higher export estimates.

Exports of Malaysian palm oil products for July 1-15 surged between 65.9% and 75.6% compared to the previous month, as reported by cargo surveyors Intertek Testing Services and AmSpec Agri. Additionally, cargo surveyor Societe Generale de Surveillance, according to LSEG, estimates exports for the same period at 786,830 tons, up from 488,388 tons shipped during June 1-15.

The palm oil prices are trading in the sideway consolidation with downward bias, however the price seems supported. Breaking above 3940 could see the price further higher. Immediate support and resistance levels are identified at 3905 and 3935, 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