FCPO
FCPO 3rd Month Futures (PM) - 8 Nov 2024
Fri, 08-Nov-2024 01:56 pm
by Dealing Team • Apex Futures

FCPO
Pivot
5002
Resistance
5020 / 5039 / 5057 / 5075
Support
4984 / 4966 / 4948 / 4929
Possible Range
4960 to 5060
Strategy
Long positions may be opened above 5002 with targets 5020/5039 at stop-loss at 4982
Short positions may be opened below 5002 with targets at 4984/4966 stop-loss at 5022

FCPO Jan month rose 51 points or 1.03% to closed higher at 5003 on midday session. 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.

Palm prices remain trading in positive momentum, with latest price see upward channel consolidation, if the price could break above 5015 to 5020, we might see further higher, otherwise it might trade in downside bias. Beware of sentiment change. The immediate support and resistance levels are identified at 4984 and 5020, respectively. 

(News Source: Reuters)

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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