FCPO
FCPO 3rd Month Futures - 29 Oct 2024
Tue, 29-Oct-2024 08:05 am
by Dealing Team • Apex Futures

FCPO
Pivot
4533
Resistance
4559 / 4578 / 4601 / 4623
Support
4505 / 4486 / 4465 / 4441
Possible Range
4480 to 4580
Strategy
Long positions may be opened above 4533 with targets 4559/4578 at stop-loss at 4513
Short positions may be opened below 4533 with targets at 4505/4486 stop-loss at 4553

FCPO Jan month contract dropped 7 points or 0.15% to close slightly lower at 4529. Malaysia's crude palm oil futures fell on Monday, extending the losses from last Friday, as declining crude oil and soybean oil prices continued to impact market sentiment.

Overnight Soybean oil Dec Month dropped 1.46 to close lower at 42.69. Dalian’s active palm oil contract dropped 24 points to close lower at 9232 on previous night session.

Tracking bearish performance in rival oil market, the palm prices could remain trading in downside bias, we see the crucial support at 4505 to 4500 range, if breaking below, and the price could see further lower. If supported we might see buying opportunity. The immediate support and resistance levels are pinpointed at 4505 and 4559, 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