FCPO
FCPO 3rd Month Futures - 25 Oct 2024
Fri, 25-Oct-2024 08:10 am
by Dealing Team • Apex Futures

FCPO
Pivot
4610
Resistance
4610 / 4624 / 4638 / 46663
Support
4585 / 4566 / 4548 / 4528
Possible Range
4550 to 4650
Strategy
Long positions may be opened above 4590 with targets 4610/4624 at stop-loss at 4570
Short positions may be opened below 4590 with targets at 4566/4548 stop-loss at 4610

FCPO Jan month contract rose 117 points or 2.61% to close higher at 4603. Malaysia's crude palm oil futures surged above RM4600 per tonne for the January 2025 benchmark contract, driven by positive sentiment fueled by expectations of reduced output and lower stock levels. A palm oil trader noted forecasts of declining stockpiles in both Malaysia and Indonesia.

Overnight Soybean oil Dec Month rose 0.94 to close higher at 44.33. Dalian’s active palm oil contract rose 148 points to close higher at 9350 on previous night session.

Tracking bullish performance in rival oil market, the palm price uptrend remain intact, however we expect further profit taking activities. If breaking below immediate support at 4585 we could see further lower to next support range, alternatively, if supported, likely provide buying opportunity. The immediate support and resistance levels are pinpointed at 4585 and 4610, 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