FCPO
FCPO 3rd Month Futures - 22 July 2024
Mon, 22-Jul-2024 08:33 am
by Dealing Team • Apex Futures

FCPO
Pivot
3946
Resistance
3971 / 3993 / 4016 / 4039
Support
3932 / 3914 / 3894 / 3871
Possible Range
3910 to 4000
Strategy
Long positions may be opened above 3945 with targets at 3971/3993 stop-loss at 3925
Short positions may be opened below 3945 with targets at 3932/3914 stop-loss at 3965

FCPO Oct month rose 24 points or 0.61% to close higher at 3961. Malaysia palm oil futures ended the week with gains, supported in part by robust export figures that bolstered market sentiment. Additionally, the market benefited from higher soybean oil prices, driven by prevailing global market conditions, according to a trader specializing in palm oil.

Overnight Soybean oil Dec Month dropped 0.36 to close lower at 43.97. Dalian’s active palm oil contract dropped 86 to close lower at 7750 on previous night session.

Tracking bearish performance in Soybean Oil and Dalian palm oils, palm prices could potential remain in consolidation with downside bias. The immediate support and resistance levels are pinpointed at 3932 and 3971, 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