FCPO
FCPO 3rd Month Futures - 13 Nov 2024
Wed, 13-Nov-2024 08:11 am
by Dealing Team • Apex Futures

FCPO
Pivot
5080
Resistance
5057 / 5080 / 5103 / 5128
Support
5030 / 5009 / 4985 / 4960
Possible Range
4990 to 5090
Strategy
Long positions may be opened above 5055 with targets 5080/5103 at stop-loss at 5035
Short positions may be opened below 5055 with targets at 5030/5009 stop-loss at 5075

FCPO Jan month contract dropped 170 points or 3.27% to close lower at 5026. Malaysia crude palm oil futures broke a four-day winning streak, closing lower on Tuesday due to a slowdown in export growth, which pressured prices. Traders noted that market sentiment was also affected by weaker CBOT soyoil futures during Asian trading hours.

Overnight Soybean oil Dec Month dropped 1.91 to close lower at 46.23. Dalian’s active palm oil contract dropped 66 points to close lower at 10172 on previous night session.

Tracking bearish performance in rival oil market, the palm prices could remain trading in downward bias on technical correction, hence recommended to sell on rebound. Breaking below 5030 to 5025 could see lower. The immediate support and resistance levels are pinpointed at 5030 and 5057, respectively.

(News Source: Bernama)

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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