FCPO
FCPO 3rd Month Futures (PM) - 16 August 2024
Fri, 16-Aug-2024 01:57 pm
by Dealing Team • Apex Futures

FCPO
Pivot
3710
Resistance
3746 / 3758 / 3782 / 3806
Support
3698 / 3686 / 3674 / 3662
Possible Range
3690 to 3790
Strategy
Long positions may be opened above 3720 with targets 3746/3758 at stop-loss at 3700
Short positions may be opened below 3720 with targets at 3698/3686 stop-loss at 3740

FCPO Nov month dropped 43 points or 1.15% to 3711 closed lower at midday Malaysian palm oil prices, which initially rose on Friday due to strong demand from top importer India and reduced stockpiles, eventually reversed and closed lower, dragged down by negative sentiment in the soyoil market. Despite the early optimism, the market was on track for a fourth consecutive weekly loss due to weaker export data.

The palm oil futures remain to trade in sideway consolidation and could continue in upside bias if noon session the price break above 3720. The immediate support and resistance levels are identified at 3698 and 3746, 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