FCPO
FCPO 3rd Month Futures - 23 Oct 2024
Wed, 23-Oct-2024 08:14 am
by Dealing Team • Apex Futures

FCPO
Pivot
4437
Resistance
4464 / 4485 / 4505 / 4530
Support
4442 / 4419 / 4402 / 4385
Possible Range
4420 to 4520
Strategy
Long positions may be opened above 4440 with targets 4464/4485 at stop-loss at 4420
Short positions may be opened below 4440 with targets at 4419/4402 stop-loss at 4460

FCPO Jan month contract rose 87 points or 2.02% to close higher at 4386. Malaysian crude palm oil futures finished higher on Tuesday, driven by expectations of reduced production in the upcoming weeks. Traders noted that the combination of anticipated weaker output and stronger demand has contributed to an overall expectation of lower stock levels.

Overnight Soybean oil Dec Month rose 1.30 to close higher at 43.69. Dalian’s active palm oil contract rose 242 points to close higher at 9162 on previous night session.

Tracking bullish performance in rival oil market, palm prices could trade in another higher range, buying on retracement could be the primary plan, supported above 4440 could continue to look for buying opportunity. The immediate support and resistance levels are pinpointed at 4442 and 4364, 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