FCPO
FCPO 3rd Month Futures - 1 Oct 2024
Tue, 01-Oct-2024 08:28 am
by Dealing Team • Apex Futures

FCPO
Pivot
4007
Resistance
4024 / 4041 / 4063 / 4079
Support
3991 / 3977 / 3956 / 3937
Possible Range
3960 to 4060
Strategy
Long positions may be opened above 4010 with targets 4024/4041 at stop-loss at 3990
Short positions may be opened below 4010 with targets at 3991/3977 stop-loss at 4030

FCPO Dec month contract dropped 56 points 1.38% to close lower at 3995. Malaysian crude palm oil futures finished the month with overall gains but fell on Monday, marking the second straight session of losses. A stronger ringgit dampened sentiment, and traders were cautious as palm oil continues to be priced at a premium compared to competing oils.

Overnight Soybean oil Dec Month rose 0.95 to close higher at 43.31. Dalian’s active palm oil contract fell by 26 points to close at 8568 in the previous session. The market will be closed for one week in observance of the National Day Golden Week.

Tracking bullish performance in rival edible oil, palm prices potentially trading higher, with immediate resistant range see at 4025 to 4030, breaking above could see further higher, beware of continue of technical correction. The immediate support and resistance levels are pinpointed at 3991 and 4024, 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