FCPO
FCPO 3rd Month Futures - 18 Sep 2024
Wed, 18-Sep-2024 08:21 am
by Dealing Team • Apex Futures

FCPO
Pivot
3759
Resistance
3780 / 3798 / 3819 / 3839
Support
3759 / 3740 / 3725 / 3707
Possible Range
3740 to 3840
Strategy
Long positions may be opened above 3760 with targets 3780/3798 at stop-loss at 3740
Short positions may be opened below 3760 with targets at 3740/3725 stop-loss at 3780

FCPO Dec month contract dropped 39 points or 1.03% to close lower at 3736. Malaysia’s crude palm oil futures fell for the third consecutive session on Tuesday, primarily due to India raising its import tax on edible oils, according to a trader. Additionally, market sentiment was affected by the stronger ringgit against the US dollar.

Overnight Soybean oil Dec Month rose 0.77 to close higher at 39.88. Dalian market was closed on Monday and Tuesday for the Mid-Autumn Festival and will resume trading today.

Tracking positive performance in rival edible oil, palm prices likely to trade higher, however the larger picture remain bearish, beware of any sentiment changes. The immediate support and resistance levels are pinpointed at 3759 and 3780, respectively.

(News Source: Bernama)

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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