FCPO
FCPO 3rd Month Futures - 9 Aug 2024
Fri, 09-Aug-2024 08:26 am
by Dealing Team • Apex Futures

FCPO
Pivot
3725
Resistance
3748 / 3769 / 3785 / 3801
Support
3716 / 3700 / 3684 / 3670
Possible Range
3670 to 3770
Strategy
Long positions may be opened above 3728 with targets 3748/3769 at stop-loss at 3708
Short positions may be opened below 3728 with targets at 3716/3700 stop-loss at 3748

FCPO Oct month rose 7 points or 0.19% to close higher at 3704. Malaysian palm oil futures rose slightly on Thursday following a three-day decline, supported by stronger contracts in Dalian. However, the gains were limited by lower crude oil prices and a stronger ringgit. The contract had ended near seven-month lows in the previous two sessions.

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 0.02 to close slightly lower at 40.86. Dalian’s active palm oil contract turn to January 2025, the contract rose 14 points to close higher at 7494 on previous night session.

Tracking mixed performance in Soybean Oil and Dalian palm oils, palm prices likely to trade within sideway consolidation, with upside bias. The immediate support and resistance levels are pinpointed at 3716 and 3748, 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