FCPO
FCPO 3rd Month Futures (PM) - 10 Oct 2024
Thu, 10-Oct-2024 02:08 pm
by Dealing Team • Apex Futures

FCPO
Pivot
4243
Resistance
4278 / 4300 / 4322 / 4340
Support
4243 / 4224 / 4207 / 4188
Possible Range
4190 to 4290
Strategy
Long positions may be opened above 4260 with targets 4278/4300 at stop-loss at 4240
Short positions may be opened below 4260 with targets at 4243/4224 stop-loss at 4280

FCPO Dec month rose 9 points or 0.21% to closed higher at 4261 on midday session. Malaysian crude palm oil futures opened higher on Thursday, rebounding after two consecutive sessions of declines. The market was supported by stronger rival oils, while investors looked ahead to supply and demand data from the Malaysia Palm Oil Board (MPOB) for further guidance.

Malaysia's palm oil stocks rose 6.93% in September to 2.01 million metric tons, despite crude palm oil production falling 3.80% to 1.82 million tons. Palm oil exports increased by 0.93% to 1.54 million tons, according to the MPOB. A Reuters survey had forecast lower inventories at 1.95 million tons.

Palm prices currently trading in sideway consolidation in hourly chart, with 4240 to 4245 see as the middle of the range, morning session see supported above the range, potentially trade further higher if break above 4280 to 4285, else will turn to selling for further technical correction. The immediate support and resistance levels are identified at 4243 and 4278, 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