FCPO
FCPO 3rd Month Futures - 26 July 2024
Fri, 26-Jul-2024 08:33 am
by Dealing Team • Apex Futures

FCPO
Pivot
3933
Resistance
3953 / 3971 / 3992 / 4013
Support
3926 / 3905 / 3887 / 3869
Possible Range
3890 to 3970
Strategy
Long positions may be opened above 3940 with targets at 3953/3971 stop-loss at 3920
Short positions may be opened below 3940 with targets at 3926/3905 stop-loss at 3960

FCPO Oct month dropped 7 points or 0.18% to close lower at 3918. Palm oil futures fell for the third consecutive session on Thursday, driven by weakness in the Chicago soybean oil market and lower prices for Dalian palm olein. However, traders believe that expectations of stronger demand could offset the impact of rising output, potentially supporting prices in the future.

Overnight Soybean oil Dec Month rose 0.07 to close higher at 44.17. Dalian’s active palm oil contract rose 70 points to close higher at 7808 on previous night session.

Tracking bullish performance in Soybean Oil and Dalian palm oils, palm prices could potential to trade in sideway consolidation with upside bias. The immediate support and resistance levels are pinpointed at 3926 and 3953, respectively.

(News Source: Bernama)

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Market Mover
Settlement Rates
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EUR 4.692802 4.707788
CNY 0.594564 0.595974
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