FCPO
FCPO 3rd Month Futures - 15 Aug 2024
Thu, 15-Aug-2024 08:25 am
by Dealing Team • Apex Futures

FCPO
Pivot
3726
Resistance
3752 / 3765 / 3778 / 3791
Support
3706 / 3688 / 3673 / 3658
Possible Range
3670 to 3770
Strategy
Long positions may be opened above 3725 with targets 3752/3765 at stop-loss at 3705
Short positions may be opened below 3725 with targets at 3706/3688 stop-loss at 3745

FCPO Oct month rose 33 points or 0.89% to close higher at 3723. Malaysia palm oil futures closed higher on Wednesday, supported by the increase in soybean oil prices on the CBOT, which improved local market sentiment. Although CPO futures saw losses early in the trading session, they ultimately ended on a positive note, according to a palm oil trader.

Overnight Soybean oil Dec Month down 0.21 to close lower at 38.88. Dalian’s active palm oil contract rose 58 points to close higher at 7456 on previous night session.

Tracking mixed performance in rival edible oil, palm prices likely to remain in sideway consolidation with upside bias, if sustain above the middle of the consolidation range at 3720 to 3725 could provide buying opportunity. The immediate support and resistance levels are pinpointed at 3706 and 3752, respectively.

(News Source: Bernama)

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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