FCPO
FCPO 3rd Month Futures - 19 Sep 2024
Thu, 19-Sep-2024 08:21 am
by Dealing Team • Apex Futures

FCPO
Pivot
3864
Resistance
3877 / 3895 / 3916 / 3936
Support
3853 / 3836 / 3819 / 3801
Possible Range
3790 to 3890
Strategy
Long positions may be opened above 3865 with targets 3877/3895 at stop-loss at 3845
Short positions may be opened below 3865 with targets at 3853/3836 stop-loss at 3885

FCPO Dec month contract rose 109 points or 2.92% to close higher at 3845. Malaysia's crude palm oil futures broke a three-day losing streak and closed higher on Wednesday, driven by expectations of renewed vegetable oil demand from India in anticipation of the upcoming festive season, according to a trader.

Overnight Soybean oil Dec Month rose 0.43 to close higher at 40.31. Dalian’s active palm oil contract rose 158 points to close higher at 8040 on previous night session.

Tracking positive performance in rival edible oil, palm prices likely to trading in sideway consolidation, with the upside bias, beware of profit taking activities that and potentially trigger selling opportunity, The immediate support and resistance levels are pinpointed at 3853  and 3877, 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