FCPO
FCPO 3rd Month Futures - 29 Aug 2024
Thu, 29-Aug-2024 08:16 am
by Dealing Team • Apex Futures

FCPO
Pivot
3902
Resistance
3914 / 3932 / 3950 / 3967
Support
3885 / 3866 / 3845 / 3824
Possible Range
3830 to 3930
Strategy
Long positions may be opened above 3900 with targets 3914/3932 at stop-loss at 3880
Short positions may be opened below 3900 with targets at 3885/3866 stop-loss at 3920

FCPO Nov month dropped 3 points or 0.08% to slightly lower at 3920. Malaysia crude palm oil futures fell on Wednesday, influenced by declining soybean prices. Additionally, the stronger ringgit against the USD also dampened market sentiment, according to a palm oil trader.

Overnight Soybean oil Dec Month rose 0.30 to close higher at 40.72. Dalian’s active palm oil contract dropped 36 points to close lower at 7982 on previous night session.

Tracking mixed performance in rival edible oil, palm prices potentially continue in downside bias trading on technical correction, resent strong buying seems still intact, beware of limited downside. The immediate support and resistance levels are pinpointed at 3885 and 3914, 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