FCPO
FCPO 3rd Month Futures - 6 Aug 2024
Tue, 06-Aug-2024 08:31 am
by Dealing Team • Apex Futures

FCPO
Pivot
3781
Resistance
3806 / 3824 / 3845 / 3867
Support
3772 / 3751 / 3736 / 3716
Possible Range
3750 to 3850
Strategy
Long positions may be opened above 3790 with targets 3806/3824 at stop-loss at 3770
Short positions may be opened below 3790 with targets at 3772/3751 stop-loss at 3810

FCPO Oct month dropped 130 points or 3.32% to close lower at 3787. Malaysian palm oil futures declined on Monday due to the combined effects of lower crude oil prices and a stronger ringgit impacting market sentiment.

The Malaysian Palm Oil Board, the industry regulator, is set to release its monthly palm oil data on August 12.

Overnight Soybean oil Dec Month down 0.58 to close lower at 40.23. Dalian’s active palm oil contract dropped 96 points to close lower at 7764 on previous night session.

Tracking bearish performance in Soybean Oil and Dalian palm oils, palm prices expected to remain in downside bias trading, however the market likely to have technical buying. The immediate support and resistance levels are pinpointed at 3772 and 3806, 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