FCPO
FCPO 3rd Month Futures - 30 Oct 2024
Wed, 30-Oct-2024 08:09 am
by Dealing Team • Apex Futures

FCPO
Pivot
4606
Resistance
4645 / 4665 / 4683 / 4700
Support
4606 / 4584 / 4563 / 4544
Possible Range
4570 to 4670
Strategy
Long positions may be opened above 4610 with targets 4645/4665 at stop-loss at 4590
Short positions may be opened below 4610 with targets at 4585/4563 stop-loss at 4630

FCPO Jan month contract rose 108 points or 2.38% to close higher at 4637. Malaysia's crude palm oil futures closed higher on Tuesday, reaching a two-year peak. Market analysts attributed the increase to bullish sentiment, strong export performance, and a stable production outlook for October.

Overnight Soybean oil Dec Month rose 0.11 to close higher at 42.80. Dalian’s active palm oil contract rose 86 points to close higher at 9358 on previous night session.

Tracking bullish performance in rival oil market, the palm prices could trading in upside bias, within a sideway consolation range. However, there is potential for market to continue to trade higher if breaking crucial resistant of 4660 to 4665 range, otherwise, it will trading in consolidation range. Beware of any sentiment changes. The immediate support and resistance levels are pinpointed at 4606 and 4645, 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