FCPO
FCPO 3rd Month Futures - 12 Nov 2024
Tue, 12-Nov-2024 08:18 am
by Dealing Team • Apex Futures

FCPO
Pivot
5152
Resistance
5180 / 5202 / 5226 / 5250
Support
5152 / 5127 / 5102 / 5080
Possible Range
5100 to 5200
Strategy
Long positions may be opened above 5180 with targets 5202/5226 at stop-loss at 5160
Short positions may be opened below 5180 with targets at 5152/5127 stop-loss at 5200

5196. Malaysian palm oil futures ended higher on Monday, driven by renewed buying interest and short covering. The Malaysian Palm Oil Board (MPOB) monthly data released the same day revealed that palm oil stocks declined by the most in seven months in October, as exports surged, production fell, and domestic consumption rose.

Overnight Soybean oil Dec Month dropped 0.63 to close lower at 48.14. Dalian’s active palm oil contract rose 128 points to close higher at 10324 on previous night session.

Tracking mixed performance in rival oil market, the palm prices could potentially experiencing technical correction in short term time frame, the support see at 5150 to 5155, if break below could see further lower to 5125 to 5130 range. Beware of any sentiment changes. The immediate support and resistance levels are pinpointed at 5152 and 5180, respectively.

(News Source: Reuters)

Read more details in:

Disclaimer

The report is for internal and private circulation only and shall not be reproduced either in part or otherwise without the prior written consent of Apex Securities Berhad. The opinions and information contained herein are based on available data believed to be reliable. It is not to be construed as an offer, invitation or solicitation to buy or sell the securities covered by this report.

Opinions, estimates and projections in this report constitute the current judgment of the author. They do not necessarily reflect the opinion of Apex Securities Berhad and are subject to change without notice. Apex Securities Berhad has no obligation to update, modify or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.

Apex Securities Berhad does not warrant the accuracy of anything stated herein in any manner whatsoever and no reliance upon such statement by anyone shall give rise to any claim whatsoever against Apex Securities Berhad. Apex Securities Berhad may from time to time have an interest in the company mentioned by this report. This report may not be reproduced, copied or circulated without the prior written approval of Apex Securities Berhad.

Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.449296 4.484012
EUR 4.692599 4.701308
CNY 0.615732 0.616932
HKD 0.571606 0.576092
SGD 3.310067 3.336427