FCPO
FCPO 3rd Month Futures - 17 Oct 2024
Thu, 17-Oct-2024 08:21 am
by Dealing Team • Apex Futures

FCPO
Pivot
4300
Resistance
4300 / 4324 / 4340 / 4355
Support
4282 / 424 / 4245 / 4227
Possible Range
4230 to 4330
Strategy
Long positions may be opened above 4285 with targets 4300/4324 at stop-loss at 4265
Short positions may be opened below 4285 with targets at 4264/4245 stop-loss at 4305

FCPO Jan month contract rose 39 points or 0.91% to close higher at 4311. Malaysia's crude palm oil futures rebounded to finish higher on Wednesday, following overnight gains in CBOT soyoil. Traders noted that improved export prospects and a weaker production outlook also boosted sentiment for the commodity.

Overnight Soybean oil Dec Month dropped 0.77 to close lower at 41.68. Dalian’s active palm oil contract rose 12 points to close higher at 8892 on previous night session.

Tracking mixed performance in rival oil market, palm prices could trade within a range. The price remain in sideway consolidation and likely with downside bias, breaking below 4265 to 4260 could see further lower. The immediate support and resistance levels are pinpointed at 4282 and 4300, respectively.

(News Source: Bernama)

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Market Mover
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EUR 4.615974 4.625491
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