FCPO
FCPO 3rd Month Futures - 8 Oct 2024
Tue, 08-Oct-2024 08:22 am
by Dealing Team • Apex Futures

FCPO
Pivot
4377
Resistance
4400 / 4421 / 4443 / 4464
Support
4377 / 4356 / 4335 / 4314
Possible Range
4350 to 4450
Strategy
Long positions may be opened above 4377 with targets 4400/4421 at stop-loss at 4357
Short positions may be opened below 4377 with targets at 4356/4335 stop-loss at 4397

FCPO Dec month contract rose 43 points 1% to close higher at 4343. Malaysia's crude palm oil (CPO) closed higher on Monday, supported by rising crude oil prices due to tensions in the Middle East. A trader noted that concerns over potential disruptions to Iran's oil supply are boosting crude prices, which benefits CPO as a biofuel feedstock. However, he believes this effect is unlikely to have a long-term impact on CPO prices.

Overnight Soybean oil Dec Month rose 0.60 to close higher at 44.57. The Dalian market will resume trading starting today.

Tracking bullish performance in soyoil market, palm prices could continue to trading higher, trader to look for opportunity to buy on retracement, beware of any profit taking activities, supported above 4375 to 4380 could provide buying opportunity. The immediate support and resistance levels are pinpointed at 4377 and 4400, respectively.

(News Source: Reuters)

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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 3.936314 3.967989
EUR 4.615974 4.625491
CNY 0.577616 0.578239
HKD 0.502266 0.506322
SGD 3.083269 3.108163