FCPO
FCPO 3rd Month Futures - 11 Nov 2024
Mon, 11-Nov-2024 08:14 am
by Dealing Team • Apex Futures

FCPO
Pivot
5057
Resistance
5101 / 5124 / 5148 / 5172
Support
5057 / 5033 / 5009 / 4983
Possible Range
5050 to 5100
Strategy
Long positions may be opened above 5080 with targets 5101/5124 at stop-loss at 5060
Short positions may be opened below 5080 with targets at 5057/5033 stop-loss at 5100

FCPO Jan month contract rose 149 points or 3.01% to close higher at 5101. Malaysian crude palm oil futures rose for a third consecutive week on Friday, buoyed by projections on palm oil production and prices for 2024-2025 presented at a major industry conference in Bali.

Overnight Soybean oil Dec Month rose 0.45 to close higher at 48.77. Dalian’s active palm oil contract rose 266 points to close higher at 10262 on previous night session.

Tracking bullish performance in rival oil market, the palm prices likely to remain in uptrend movement, supported above 5055 to 5060 could provide buying opportunity. The immediate support and resistance levels are pinpointed at 5057 and 5101, respectively.

(News Source: Reuters)

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Market Mover
Settlement Rates
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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