FCPO
FCPO 3rd Month Futures - 28 Aug 2024
Wed, 28-Aug-2024 08:12 am
by Dealing Team • Apex Futures

FCPO
Pivot
3919
Resistance
3931 / 3948 / 3966 / 3984
Support
3895 / 3879 / 3860 / 3842
Possible Range
3850 to 3950
Strategy
Long positions may be opened above 3915 with targets 3931/3948 at stop-loss at 3895
Short positions may be opened below 3915 with targets at 3895/3880 stop-loss at 3935

FCPO Nov month dropped 1 point or 0.03% to moderately lower at 3923. Malaysian palm oil futures reversed their earlier gains and ended lower due to technical selling on Tuesday. This decline erased the profits from the day’s earlier session and halted the longest rally in six weeks, despite Indonesia's plans to increase biodiesel blending rates.

Overnight Soybean oil Dec Month dropped 0.33 to close lower at 40.42. Dalian’s active palm oil contract dropped 14 points to close higher at 8040 on previous night session.

Tracking negative performance in rival edible oil, palm prices potentially continue in downside bias trading on technical selling, resent strong buying seems still intact, beware of limited downside. The immediate support and resistance levels are pinpointed at 3895 and 3931, 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