FCPO
FCPO 3rd Month Futures - 8 Nov 2024
Fri, 08-Nov-2024 08:11 am
by Dealing Team • Apex Futures

FCPO
Pivot
4987
Resistance
5000 / 5022 / 5040 / 5057
Support
4987 / 4963 / 4939 / 4918
Possible Range
4950 to 5050
Strategy
Long positions may be opened above 4985 with targets 5000/5022 at stop-loss at 4965
Short positions may be opened below 4985 with targets at 4963/4939 stop-loss at 5005

FCPO Jan month contract rose 35 points or 0.71% to close higher at 4952. Malaysia's crude palm oil futures closed higher on Thursday, driven by a weaker production outlook in the country. Palm oil traders noted that stronger-than-expected demand, coupled with Indonesia's plans to raise its biofuel mandate, further boosted market sentiment.

Overnight Soybean oil Dec Month rose 1.98 to close higher at 48.32. Dalian’s active palm oil contract rose 90 points to close higher at 9936 on previous night session.

Tracking bullish performance in rival oil market, the palm prices could continue to trending higher, supported above 4980 to 4985 could provide buying opportunity. The immediate support and resistance levels are pinpointed at 4987 and 5000, 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