FCPO
FCPO 3rd Month Futures - 3 Sep 2024
Tue, 03-Sep-2024 08:19 am
by Dealing Team • Apex Futures

FCPO
Pivot
3934
Resistance
3946 / 3965 / 3984 / 4003
Support
3921 / 3903 / 3884 / 3865
Possible Range
3880 to 3980
Strategy
Long positions may be opened above 3935 with targets 3946/3965 at stop-loss at 3915
Short positions may be opened below 3935 with targets at 3921/3903 stop-loss at 3955

FCPO Nov month dropped 44 points or 1.11% to close lower at 3933. Malaysia crude palm oil futures ended lower on Monday. A palm oil trader attributed the drop to the weakness in the CBOT soyoil market and expectations of reduced demand in the near term.

CBOT soybean oil was closed yesterday due to the US Labor Day holiday, but trading will resume today. Dalian’s active palm oil contract dropped 12 points to close lower at 7944 on previous night session.

Tracking negative performance in rival edible oil, palm prices could remain to trade in upward consolidation pointing to upside, beware of anys sentiment changes. The immediate support and resistance levels are pinpointed at 3921 and 3946, respectively.

(News Source: Reuters)

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Market Mover
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USD 4.186344 4.224837
EUR 4.692802 4.707788
CNY 0.594564 0.595974
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