FCPO
FCPO 3rd Month Futures (PM) - 22 July 2024
Mon, 22-Jul-2024 01:53 pm
by Dealing Team • Apex Futures

FCPO
Pivot
3968
Resistance
3981 / 3993 / 4016 / 4039
Support
3954 / 3938 / 3916 / 3903
Possible Range
3910 to 4000
Strategy
Long positions may be opened above 3968 with targets at 3981/3993 stop-loss at 3948
Short positions may be opened below 3968 with targets at 3954/3938 stop-loss at 3988

FCPO Oct month rose 17 points or 0.43% to 3978 closed higher at midday. Malaysian palm oil futures continued to climb on Monday, marking their fifth consecutive session of gains, fueled by data from cargo surveyors indicating a significant increase in July exports.

According to independent inspection company AmSpec Agri Malaysia, exports of Malaysian palm oil products from July 1-20 surged by 41.4%, reaching 1,002,572 tonnes, compared to 708,873 tonnes during the same period in June. Similarly, cargo surveyor Intertek Testing Services reported that exports for the same period rose by 39.2%, totaling 1,062,238 metric tons, up from 763,129 metric tons in the corresponding period in June.

The palm oil prices are likely to remain in upward channel trading. Immediate support and resistance levels are identified at 3954 and 3981, 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