FCPO
FCPO 3rd Month Futures (PM) - 10 Sep 2024
Tue, 10-Sep-2024 02:13 pm
by Dealing Team • Apex Futures

FCPO
Pivot
3890
Resistance
3903 / 3927 / 3945 / 3964
Support
3868 / 3850 / 3831 / 3815
Possible Range
3850 to 3950
Strategy
Long positions may be opened above 3890 with targets 3903/3927 at stop-loss at 3870
Short positions may be opened below 3890 with targets at 3868/3850 stop-loss at 3910

FCPO Nov month dropped 15 points or 0.39% to 3880 closed lower at midday. Malaysian palm oil futures opened lower on Tuesday, continuing the previous session's decline, as the market anticipated key data on production and inventories.

Malaysia's palm oil stocks rose 7.34% in August to 1.88 million metric tons, the highest in six months, due to a 2.87% increase in production to 1.89 million tons. However, exports fell by 9.74% to 1.53 million tons. These figures are slightly higher than a Reuters forecast for inventories and exports.

The palm oil futures could remain trading at downward channel with downside bias. The immediate support and resistance levels are identified at 3868 and 3903, respectively.

(News Source: Reuters)

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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.226942 4.260444
EUR 4.723982 4.728876
CNY 0.598324 0.598990
HKD 0.542537 0.546362
SGD 3.269503 3.292710