FCPO
FCPO 3rd Month Futures - 2 Oct 2024
Wed, 02-Oct-2024 08:21 am
by Dealing Team • Apex Futures

FCPO
Pivot
4054
Resistance
4082 / 4103 / 4122 / 4141
Support
4039 / 4018 / 3999 / 3978
Possible Range
4020 to 4120
Strategy
Long positions may be opened above 4060 with targets 4082/4103 at stop-loss at 4040
Short positions may be opened below 4060 with targets at 4039/4018 stop-loss at 4080

FCPO Dec month contract rose 11 points 0.28% to close higher at 4006. Malaysian crude palm oil futures increased on Tuesday following two days of declines, driven by Indonesia's announcement to raise its October reference price, which improved market sentiment.

Overnight Soybean oil Dec Month dropped 0.40 to close lower at 42.91. Dalian market remains closed for the National Day Golden Week.

Tracking bearish performance in rival edible oil, palm prices potentially trading within a range, sustain above the crucial range of 4040 to 4050 could potentially bring the price to moving upward, but likely to stay within the downward channel range. The immediate support and resistance levels are pinpointed at 4039 and 4082, respectively.

(News Source: Reuters)

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Market Mover
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EUR 4.615974 4.625491
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