FCPO
FCPO 3rd Month Futures - 6 Nov 2024
Wed, 06-Nov-2024 08:06 am
by Dealing Team • Apex Futures

FCPO
Pivot
4800
Resistance
4821 / 4845 / 4869 / 4888
Support
4782 / 4766 / 4745 / 4721
Possible Range
4730 to 4830
Strategy
Long positions may be opened above 4800 with targets 4821/4845 at stop-loss at 4780
Short positions may be opened below 4800 with targets at 4782/4766 stop-loss at 4820

FCPO Jan month contract dropped 85 points or 1.74% to close lower at 4806. Malaysia crude palm oil futures snapped a four-day winning streak, ending lower as they followed the weakness in CBOT soyoil futures. Palm oil traders noted that market sentiment was also influenced by profit-taking ahead of the U.S. presidential election results.

Overnight Soybean oil Dec Month dropped 0.57 to close lower at 44.99. Dalian’s active palm oil contract dropped 52 points to close lower at 9614 on previous night session.

Tracking bearish performance in rival oil market, the palm prices could trade lower on further technical correction, if breaking below 4780 to 4775 could see further lower. The immediate support and resistance levels are pinpointed at 4782 and 4821, 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