FCPO
FCPO 3rd Month Futures - 7 Aug 2024
Wed, 07-Aug-2024 08:43 am
by Dealing Team • Apex Futures

FCPO
Pivot
3711
Resistance
3736 / 3754 / 3769 / 3785
Support
3687 / 3674 / 3656 / 3637
Possible Range
3680 to 3780
Strategy
Long positions may be opened above 3715 with targets 3736/3754 at stop-loss at 3695
Short positions may be opened below 3715 with targets at 3687/3674 stop-loss at 3735

FCPO Oct month dropped 82 points or 2.17% to close lower at 3705. Malaysia palm oil futures closed lower on Tuesday, impacted by the weakness in the CBOT soyoil market, the decline was also fueled by concerns over increasing production levels, which are affecting prices, according to a trader.

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 0.27 to close lower at 39.96. Dalian’s active palm oil contract dropped 118 points to close lower at 7580 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 3687 and 3736, respectively.

(News Source: Bernama)

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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.365379 4.399660
EUR 4.721747 4.726400
CNY 0.610888 0.611480
HKD 0.561824 0.565730
SGD 3.305513 3.328546