FCPO
FCPO 3rd Month Futures - 17 Sep 2024
Tue, 17-Sep-2024 08:15 am
by Dealing Team • Apex Futures

FCPO
Pivot
3803
Resistance
3819 / 3835 / 3854 / 3870
Support
3778 / 3756 / 3735 / 3717
Possible Range
3760 to 3860
Strategy
Long positions may be opened above 3800 with targets 3819/3835 at stop-loss at 3780
Short positions may be opened below 3800 with targets at 3778/3756 stop-loss at 3820

FCPO 3rd month contract dropped 38 points or 0.99% to close lower at 3814. Malaysian crude palm oil futures fell for the second consecutive session on Friday, reaching a three-week low. This decline was driven by a robust ringgit and weaker demand, which overshadowed concerns about sunflower oil supplies from the leading Black Sea region producers.

Overnight Soybean oil Dec Month rose 0.18 to close higher at 39.11. Dalian’s active palm oil contract dropped 52 points to close lower at 7766 on previous night session.

FCPO active traded month will be Dec from today onward. Tracking mixed performance in rival edible oil, palm prices likely to open lower, supported above 3775-3780 could provide buying opportunity, beware of any sentiment changes. The immediate support and resistance levels are pinpointed at 3778 and 3819, respectively.

(News Source: Reuters)

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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 3.939538 3.966364
EUR 4.621065 4.624861
CNY 0.577624 0.578108
HKD 0.502626 0.506063
SGD 3.082334 3.103499