FCPO
FCPO 3rd Month Futures (PM) - 27 Aug 2024
Tue, 27-Aug-2024 01:47 pm
by Dealing Team • Apex Futures

FCPO
Pivot
3957
Resistance
3975 / 3992 / 4014 / 4030
Support
3948 / 3930 / 3910 / 3891
Possible Range
3890 to 3990
Strategy
Long positions may be opened above 3960 with targets 3975/3992 at stop-loss at 3940
Short positions may be opened below 3960 with targets at 3948/3930 stop-loss at 3980

FCPO Nov month rose 42 points or 1.07% to 3966 closed higher at midday. Malaysian palm oil futures climbed for the fifth straight session on Tuesday, marking their longest rally in six weeks, driven by Indonesia's plans to increase biodiesel blending rates.

The palm oil futures could remain in upward if supported above 3975 range, but beware of profit taking activities as market already surged for consecutive 7 days. The immediate support and resistance levels are identified at 3948 and 3975, 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