FCPO
FCPO 3rd Month Futures - 23 July 2024
Tue, 23-Jul-2024 08:32 am
by Dealing Team • Apex Futures

FCPO
Pivot
3978
Resistance
3995 / 4013 / 4025 / 4038
Support
3963 / 3950 / 3933 / 3916
Possible Range
3950 to 4040
Strategy
Long positions may be opened above 3975 with targets at 3995/4013 stop-loss at 3955
Short positions may be opened below 3975 with targets at 3963/3950 stop-loss at 3995

FCPO Oct month rose 24 points or 0.61% to close higher at 3985. Palm oil futures closed with gains on Monday, buoyed by increases in the CBOT soyoil market and stronger prices for Dalian palm olein. However, the rise was tempered by worries about upcoming increases in production levels.

Overnight Soybean oil Dec Month rose 0.88 to close higher at 44.85. Dalian’s active palm oil contract rose 94 to close higher at 7960 on previous night session.

Tracking bullish performance in Soybean Oil and Dalian palm oils, palm prices could potential trade higher. The immediate support and resistance levels are pinpointed at 3963 and 3995, respectively.

(News Source: Bernama)

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Market Mover
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