FCPO
FCPO 3rd Month Futures (PM) - 28 Oct 2024
Mon, 28-Oct-2024 02:13 pm
by Dealing Team • Apex Futures

FCPO
Pivot
4530
Resistance
4550 / 4576 / 4590 / 4603
Support
4516 / 4495 / 4476 / 4453
Possible Range
4500 to 4600
Strategy
Long positions may be opened above 4530 with targets 4550/4576 at stop-loss at 4510
Short positions may be opened below 4530 with targets at 4516/4495 stop-loss at 4550

FCPO Dec month rose 14 points or 0.31% to closed higher at 4550 on midday session. Malaysian crude palm oil futures rebounded from early losses during Monday's morning session, despite pressure from weaker rival edible oils and lower crude oil prices. The market is optimistic due to expectations of slower output and higher demand.

Palm prices supported above the range of 4500 to 4995 and trading upside bias, the price remain in sideway trading in shorter time frame, breaking above 4550 to 4555 could see further higher. Alternatively, the market likely to trade in consolidation range. The immediate support and resistance levels are identified at 4516 and 4550, respectively. 

(News Source: Reuters)

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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