FCPO
FCPO 3rd Month Futures - 24 Oct 2024
Thu, 24-Oct-2024 08:11 am
by Dealing Team • Apex Futures

FCPO
Pivot
4479
Resistance
4493 / 4507 / 4523 / 4539
Support
4479 / 4463 / 4447 / 4433
Possible Range
4420 to 4520
Strategy
Long positions may be opened above 4480 with targets 4493/4507 at stop-loss at 4460
Short positions may be opened below 4480 with targets at 4463/4447 stop-loss at 4500

FCPO Jan month contract rose 100 points or 2.28% to close higher at 4486. Malaysia's crude palm oil futures surged to a two-year high, fueled by expectations of reduced production and lower stock levels in both Malaysia and Indonesia. Palm oil traders observed that market sentiment was further bolstered by gains in soybean oil futures on the CBOT exchange.

Overnight Soybean oil Dec Month dropped 0.30 to close lower at 43.39. Dalian’s active palm oil contract rose 6 points to close moderately higher at 9144 on previous night session.

Tracking mixed performance in rival oil market, we anticipate the price to experience technical correction after the recent surged, and breaking below 4463 could see further lower, alternatively, if the price supported, we might see buying opportunity. The immediate support and resistance levels are pinpointed at 4479 and 4493, 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