FCPO
FCPO 3rd Month Futures (PM) - 9 Oct 2024
Wed, 09-Oct-2024 02:03 pm
by Dealing Team • Apex Futures

FCPO
Pivot
4262
Resistance
4293 / 4315 / 4333 / 4354
Support
4262 / 4243 / 4225 / 4206
Possible Range
4240 to 4340
Strategy
Long positions may be opened above 4278 with targets 4293/4315 at stop-loss at 4258
Short positions may be opened below 4278 with targets at 4262/4243 stop-loss at 4298

FCPO Dec month rose 18 points or 0.42% to closed higher at 4289 on midday session. Malaysian crude palm oil futures opened slightly lower on Wednesday but later rose, driven by gains in crude oil and Chicago soyoil. A leading analyst noted that Indonesia's higher biodiesel mandates are likely to tighten vegetable oil supplies, which could further support palm oil prices.

Palm prices supported above the crucial range of 4205 to 4200, we see the next move likely to continue trading in upward bias, with the price breaking above 4295 to 4300 could see further higher. The immediate support and resistance levels are identified at 4262 and 4293, 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