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

FCPO
Pivot
4893
Resistance
4868 / 4893 / 4925 / 4950
Support
4831 / 4798 / 4777 / 4752
Possible Range
4780 to 4900
Strategy
Long positions may be opened above 4853 with targets 4868/4893 at stop-loss at 4833
Short positions may be opened below 4853 with targets at 4831/4798 stop-loss at 4873

FCPO Jan month contract dropped 39 points or 0.78% to close lower at 4987. Malaysia crude palm oil futures closed lower for the second consecutive session on Wednesday, weighed down by significant losses in the prices of rival vegetable oils traded in Dalian.

Overnight Soybean oil Dec Month dropped 1.05 to close lower at 45.18. Dalian’s active palm oil contract dropped 114 points to close lower at 9844 on previous night session.

Tracking bearish performance in rival oil market, the palm prices could remain trading in downward bias, breaking below 4830 to 4825 could see further lower. Otherwise, if supported above this line could see buying opportunity. The immediate support and resistance levels are pinpointed at 4831 and 4868, respectively.

(News Source: Reuters)

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Market Mover
Settlement Rates
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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