FCPO
FCPO 3rd Month Futures - 30 July 2024
Tue, 30-Jul-2024 08:32 am
by Dealing Team • Apex Futures

FCPO
Pivot
3896
Resistance
3927 / 3945 / 3964 / 3978
Support
3885 / 3868 / 3855 / 3836
Possible Range
3870 to 3940
Strategy
Long positions may be opened above 3895 with targets 3927/3945 at stop-loss at 3875
Short positions may be opened below 3895 with targets at 3885/3868 stop-loss at 3915

FCPO Oct month dropped 34 points or 0.86% to close lower at 3908. Malaysian palm oil futures fell on Monday, weighed down by weakness in rival vegetable oils on the Dalian Commodity Exchange and a firm ringgit.

Additionally, Indonesia's Trade Ministry is planning to revise the domestic market obligation rules for palm oil, which could potentially alter the prices for the portion and types of products sold locally. Market participants are awaiting further details on these revisions.

Overnight Soybean oil Dec Month rose 0.15 to close higher at 41.98. Dalian’s active palm oil contract rose 6 points to close slightly higher at 7784 on previous night session.

Tracking positive performance in Soybean Oil and Dalian palm oils, palm prices likely to trade in upside bias in the sideway consolidation range, however the gain could not be sustain. The immediate support and resistance levels are pinpointed at 3885 and 3927, respectively.

(News Source: Reuters)

Read more details in:

Disclaimer

The report is for internal and private circulation only and shall not be reproduced either in part or otherwise without the prior written consent of Apex Securities Berhad. The opinions and information contained herein are based on available data believed to be reliable. It is not to be construed as an offer, invitation or solicitation to buy or sell the securities covered by this report.

Opinions, estimates and projections in this report constitute the current judgment of the author. They do not necessarily reflect the opinion of Apex Securities Berhad and are subject to change without notice. Apex Securities Berhad has no obligation to update, modify or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.

Apex Securities Berhad does not warrant the accuracy of anything stated herein in any manner whatsoever and no reliance upon such statement by anyone shall give rise to any claim whatsoever against Apex Securities Berhad. Apex Securities Berhad may from time to time have an interest in the company mentioned by this report. This report may not be reproduced, copied or circulated without the prior written approval of Apex Securities Berhad.

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