FCPO
FCPO 3rd Month Futures - 10 Sep 2024
Tue, 10-Sep-2024 08:23 am
by Dealing Team • Apex Futures

FCPO
Pivot
3888
Resistance
3901 / 3922 / 3941 / 3959
Support
3875 / 3860 / 3842 / 3826
Possible Range
3850 to 3950
Strategy
Long positions may be opened above 3885 with targets 3901/3922 at stop-loss at 3865
Short positions may be opened below 3885 with targets at 3875/3860 stop-loss at 3905

FCPO Nov month dropped 3 points or 0.08% to close lower at 3895. Malaysian palm oil futures closed lower on Monday following a sell-off in competing soyoil markets. The market is also waiting for the Malaysian Palm Oil Board's highly anticipated report on production and inventory levels.

The Malaysian Palm Oil Board (MPOB) is scheduled to release its monthly palm oil data on Tuesday.

Overnight Soybean oil Dec Month rose 1.54 to close higher at 40.48. Dalian’s active palm oil contract rose 30 points to close higher at 7864 on previous night session.

Tracking positive performance in rival edible oil, palm prices likely to remain in sideway consolidation with some upside bias. The immediate support and resistance levels are pinpointed at 3875 and 3901, respectively.

(News Source: Reuters)

Read more details in:

Disclaimer

The report is for internal and private circulation only and shall not be reproduced either in part or otherwise without the prior written consent of Apex Securities Berhad. The opinions and information contained herein are based on available data believed to be reliable. It is not to be construed as an offer, invitation or solicitation to buy or sell the securities covered by this report.

Opinions, estimates and projections in this report constitute the current judgment of the author. They do not necessarily reflect the opinion of Apex Securities Berhad and are subject to change without notice. Apex Securities Berhad has no obligation to update, modify or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.

Apex Securities Berhad does not warrant the accuracy of anything stated herein in any manner whatsoever and no reliance upon such statement by anyone shall give rise to any claim whatsoever against Apex Securities Berhad. Apex Securities Berhad may from time to time have an interest in the company mentioned by this report. This report may not be reproduced, copied or circulated without the prior written approval of Apex Securities Berhad.

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