FCPO
FCPO 3rd Month Futures (PM) - 17 Sep 2024
Tue, 17-Sep-2024 02:04 pm
by Dealing Team • Apex Futures

FCPO
Pivot
3725
Resistance
3738 / 3754 / 3770 / 3794
Support
3703 / 3685 / 3662 / 3646
Possible Range
3690 to 3790
Strategy
Long positions may be opened above 3720 with targets 3738/3754 at stop-loss at 3700
Short positions may be opened below 3720 with targets at 3703/3685 stop-loss at 3740

FCPO Dec month dropped 60 points or 1.59% to closed lower at 3715 at midday session. Malaysian palm oil futures declined for the third consecutive session by midday on Tuesday, with market sentiment weighed down by a stronger ringgit and expectations of reduced demand from major importer India following its recent import tax hike on palm oil.

India raised import duties on palm oil and other edible oils by 20%, a measure aimed at supporting local oilseed farmers. The tax increase will take effect from September 14, as stated in a government notification issued on Friday.

The palm oil futures could remain consolidate in downside bias, potentially recover with limited gain due to recent selling. The immediate support and resistance levels are identified at 3703 and 3738, 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