FCPO
FCPO 3rd Month Futures - 23 Aug 2024
Fri, 23-Aug-2024 08:30 am
by Dealing Team • Apex Futures

FCPO
Pivot
3805
Resistance
3820 / 3835 / 3850 / 3867
Support
3786 / 3768 / 3752 / 3735
Possible Range
3740 to 3840
Strategy
Long positions may be opened above 3805 with targets 3820/3835 at stop-loss at 3785
Short positions may be opened below 3805 with targets at 3786/3768 stop-loss at 3825

FCPO Nov month rose 72 points or 1.92% to close higher at 3826. Malaysia's crude palm oil futures surged significantly on Thursday, with the benchmark November contract rising above RM3800. This increase was attributed to slower-than-anticipated production of the commodity and a boost in market sentiment due to stronger CBOT soyoil prices during Asian trading hours, according to a palm oil trader.

Overnight Soybean oil Dec Month dropped 0.60 to close lower at 38.98. Dalian’s active palm oil contract rose 18 points to close higher at 7756 on previous night session.

Tracking mixed performance in rival edible oil, palm prices potentially trade in downside bias on technical correction, in short term the price could remain supported above 3770. The immediate support and resistance levels are pinpointed at 3786 and 3818, 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