FCPO
FCPO 3rd Month Futures - 22 Oct 2024
Tue, 22-Oct-2024 08:27 am
by Dealing Team • Apex Futures

FCPO
Pivot
4306
Resistance
4329 / 4350 / 43369 / 4388
Support
4276 / 4258 / 4237 / 4219
Possible Range
4250 to 4350
Strategy
Long positions may be opened above 4306 with targets 4329/4350 at stop-loss at 4286
Short positions may be opened below 4306 with targets at 4276/4258 stop-loss at 4326

FCPO Jan month contract rose 44 points or 1.03% to close higher at 4299. Malaysia's crude palm oil futures closed higher on Monday, driven by stronger export rates and expectations of weaker production in the coming week. Palm oil traders noted that CPO production has entered a seasonally low yield period, which typically leads to reduced output and is expected to lower the country's overall stock levels.

Overnight Soybean oil Dec Month rose 0.57 to close higher at 42.39. Dalian’s active palm oil contract rose 80 points to close higher at 8894 on previous night session.

Tracking bullish performance in rival oil market, palm prices could trade in upside bias however it is remain in a sideway consolidation range. Breaking above 4329 range could see further higher. Beware of any sentiment changes. The immediate support and resistance levels are pinpointed at 4276 and 4329, 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