FCPO
FCPO 3rd Month Futures (PM) - 26 August 2024
Mon, 26-Aug-2024 02:00 pm
by Dealing Team • Apex Futures

FCPO
Pivot
3904
Resistance
3940 / 3956 / 3972 / 3991
Support
3904 / 3880 / 3861 / 3843
Possible Range
3860 to 3960
Strategy
Long positions may be opened above 3920 with targets 3940/3956 at stop-loss at 3900
Short positions may be opened below 3920 with targets at 3904/3880 stop-loss at 3940

FCPO Nov month rose 52 points or 1.34% to 3919 closed higher at midday. Malaysian palm oil futures climbed for the fourth straight session on Monday, reaching their highest level in over three weeks. The rise was driven by stronger demand prospects from Indonesia, the largest consumer of palm oil. However, the gains were somewhat capped by weaker export figures.

Exports of Malaysian palm oil products from August 1-25 dropped by 14.9% to 1,055,768 tons compared to the 1,240,593 tons shipped between July 1-25, according to cargo surveyor Intertek Testing Services. Similarly, independent inspection company AmSpec Agri Malaysia reported a 14.05% decline in palm oil product exports to 1,008,418 tons during the same period.

The palm oil futures could remain in upward trading racking the positive movement in Dalian oil market, but beware of any sentiment changes. The immediate support and resistance levels are identified at 3904 and 3940, 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