FCPO
FCPO 3rd Month Futures - 28 Oct 2024
Mon, 28-Oct-2024 08:13 am
by Dealing Team • Apex Futures

FCPO
Pivot
4571
Resistance
4552 / 4573 / 4591 / 4610
Support
4535 / 4517 / 4497 / 4475
Possible Range
4500 to 4600
Strategy
Long positions may be opened above 4552 with targets 4573/4591 at stop-loss at 4532
Short positions may be opened below 4552 with targets at 4535/4517 stop-loss at 4572

FCPO Jan month contract dropped 67 points or 1.46% to close lower at 4536. Malaysia's crude palm oil futures dropped on Friday, reversing many of the earlier gains. A trader noted that the decline was likely due to profit-taking by investors and falling soybean oil prices, which added to the market's downturn.

Overnight Soybean oil Dec Month dropped 0.18 to close lower at 44.15. Dalian’s active palm oil contract dropped 46 points to close lower at 9330 on previous night session.

Tracking bearish performance in rival oil market, the palm prices could remain trading in downside bias, if breaking below 4520 to 4515 we might see further correction. The uptrend remains intact in daily time frame as it has been broke up from a crucial range of 4495 to 4500. The immediate support and resistance levels are pinpointed at 4535 and 4552, respectively.

(News Source: The Edge)

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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