FCPO
FCPO 3rd Month Futures (PM) - 6 Sep 2024
Fri, 06-Sep-2024 01:49 pm
by Dealing Team • Apex Futures

FCPO
Pivot
3906
Resistance
3906 / 3928 / 3950 / 3972
Support
3884 / 3865 / 3948 / 3832
Possible Range
3870 to 3970
Strategy
Long positions may be opened above 3905 with targets 3928/3950 at stop-loss at 3885
Short positions may be opened below 3905 with targets at 3884/3865 stop-loss at 3925

FCPO Nov month dropped 32 points or 0.82% to 3885 closed lower at midday. Malaysian palm oil futures declined on Friday, influenced by losses in soybean oil and the strengthening of the ringgit.

Fundamental news, Malaysia's palm oil inventories are projected to have risen to a six-month high by the end of August, driven by weak export demand, according to a Reuters survey. Meanwhile, Indonesia, the largest palm oil exporter, intends to reduce export duties to enhance competitiveness and boost farmers' income.

The palm oil futures resisted at around 3950, potentially to trade in downward consolidation. The immediate support and resistance levels are identified at 3884 and 3906, respectively. 

(News Source: Reuters)

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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.283853 4.317705
EUR 4.765844 4.774924
CNY 0.605865 0.606556
HKD 0.549396 0.553768
SGD 3.299365 3.325824