FCPO
FCPO 3rd Month Futures - 7 Nov 2024
Thu, 07-Nov-2024 08:11 am
by Dealing Team • Apex Futures

FCPO
Pivot
4916
Resistance
4940 / 4965 / 4985 / 5006
Support
4895 / 4875 / 4850 / 4826
Possible Range
4870 to 4970
Strategy
Long positions may be opened above 4916 with targets 4940/4965 at stop-loss at 4896
Short positions may be opened below 4916 with targets at 4895/4875 stop-loss at 4936

FCPO Jan month contract rose 111 points or 2.31% to close higher at 4917. Malaysia's crude palm oil futures closed higher on Wednesday, with the actively traded contract rising above RM4,900 per tonne. Palm oil traders attributed the positive market sentiment to a stronger export pace and a weaker ringgit against the US dollar.

Overnight Soybean oil Dec Month rose 1.35 to close higher at 46.34. Dalian’s active palm oil contract rose 180 points to close higher at 9824 on previous night session.

Tracking bullish performance in rival oil market, the palm prices could continue to trending higher, supported above 4920 to 4915 could provide buying opportunity. The immediate support and resistance levels are pinpointed at 4895 and 4940, 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