FCPO
FCPO 3rd Month Futures - 24 July 2024
Wed, 24-Jul-2024 08:29 am
by Dealing Team • Apex Futures

FCPO
Pivot
3980
Resistance
3993 / 4006 / 4025 / 4043
Support
3967 / 3955 / 3940 / 3927
Possible Range
3950 to 4040
Strategy
Long positions may be opened above 3980 with targets at 3993/4006 stop-loss at 3960
Short positions may be opened below 3980 with targets at 3967/3955 stop-loss at 4000

FCPO Oct month dropped 16 points or 0.40% to close lower at 3969. The decline in palm oil futures yesterday was influenced by the weaker performance of Dalian and Chicago markets. Additionally, concerns over anticipated increases in production levels exerted further downward pressure on prices.

Overnight Soybean oil Dec Month rose 0.28 to close higher at 45.13. Dalian’s active palm oil contract dipped 2 points to close almost flat at 7958 on previous night session.

Tracking mixed performance in Soybean Oil and Dalian palm oils, palm prices could potential to trade in sideway consolidation, if sustain above 3990 could trigger upside bias, else could trade below the range. The immediate support and resistance levels are pinpointed at 3967 and 3993, 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