FCPO
FCPO 3rd Month Futures - 23 Sep 2024
Mon, 23-Sep-2024 08:16 am
by Dealing Team • Apex Futures

FCPO
Pivot
3925
Resistance
3948 / 3968 / 3984 / 4003
Support
3913 / 3898 / 3877 / 3854
Possible Range
3880 to 3980
Strategy
Long positions may be opened above 3930 with targets 3948/3968 at stop-loss at 3910
Short positions may be opened below 3930 with targets at 3913/3898 stop-loss at 3950

FCPO Dec month contract rose 71 points 1.83% to close higher at 3947. Malaysian crude palm oil futures climbed for the third consecutive session on Friday, positioning the market for a weekly gain. This uptick was supported by strength in competing edible oils, although rising crude oil prices, a stronger ringgit, and concerns about demand limited the gains.

Overnight Soybean oil Dec Month rose 0.43 to close higher at 41.36. Dalian’s active palm oil contract rose 4 points to close higher at 8156 on previous night session.

Tracking positive performance in rival edible oil, palm prices likely to continue trading in upward momentum and within sideway consolidation. The immediate support and resistance levels are pinpointed at 3913 and 3948, respectively.

(News Source: Reuters)

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Market Mover
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EUR 4.621065 4.624861
CNY 0.577624 0.578108
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