FCPO
FCPO 3rd Month Futures - 16 Oct 2024
Wed, 16-Oct-2024 08:15 am
by Dealing Team • Apex Futures

FCPO
Pivot
4272
Resistance
4309 / 4328 / 4349 / 4368
Support
4258 / 4239 / 4221 / 4198
Possible Range
4230 to 4330
Strategy
Long positions may be opened above 4280 with targets 4309/4328 at stop-loss at 4260
Short positions may be opened below 4280 with targets at 4258/4239 stop-loss at 4300

FCPO Jan month contract dropped 44 points or 1.03% to close lower at 4239. Malaysia's crude palm oil futures fell on Tuesday influenced by the decline in CBOT soyoil futures and lower crude oil prices, according to a palm oil trader. Another market participant noted that ongoing profit-taking activities are contributing to significant sell-offs in CPO futures.

Overnight Soybean oil Dec Month rose 0.55 to close higher at 42.45. Dalian’s active palm oil contract rose 96 points to close higher at 8884 on previous night session.

Today onward active traded month switch to January 2025 contract. Tracking bullish performance in rival oil market, palm prices could trade within a range. The price will likely remain in sideway consolidation with upside bias, breaking above 4305 to 4310 could see further higher. The immediate support and resistance levels are pinpointed at 4258 and 4309, respectively.

(News Source: Bernama)

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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