FCPO
FCPO 3rd Month Futures - 5 Nov 2024
Tue, 05-Nov-2024 08:04 am
by Dealing Team • Apex Futures

FCPO
Pivot
4860
Resistance
4878 / 4899 / 4920 / 4946
Support
4845 / 4819 / 4795 / 4771
Possible Range
4780 to 4880
Strategy
Long positions may be opened above 4860 with targets 4878/4899 at stop-loss at 4840
Short positions may be opened below 4860 with targets at 4845/4819 stop-loss at 4880

FCPO Jan month contract rose 23 points or 0.47% to close higher at 4891. Malaysia's crude palm oil futures surged above RM4,900 per tonne for the near-month contract, driven by rising crude oil and soybean oil prices. Palm oil traders noted that weaker production forecasts and lower stock levels also contributed to positive market sentiment.

Overnight Soybean oil Dec Month dropped 0.74 to close lower at 45.56. Dalian’s active palm oil contract rose 22 points to close higher at 9706 on previous night session.

Tracking mixed performance in rival oil market, the palm prices could remain to trade within a sideway consolidation with downside bias, breaking below 4845 to 4840 could see further technical correction. The immediate support and resistance levels are pinpointed at 4845 and 4878, 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