FCPO
FCPO 3rd Month Futures - 18 Nov 2024
Mon, 18-Nov-2024 08:21 am
by Dealing Team • Apex Futures

FCPO
Pivot
5032
Resistance
5076 / 5097 / 5121 / 5148
Support
5054 / 5032 / 5001 / 4971
Possible Range
5040 to 5140
Strategy
Long positions may be opened above 5050 with targets 5076/5097 at stop-loss at 5030
Short positions may be opened below 5050 with targets at 5032/5001 stop-loss at 5070

FCPO Feb month contract rose 131 points or 2.66% to close higher at 5053. Malaysian crude palm oil futures increased on Friday following three consecutive days of losses, boosted by a rebound in competing vegetable oils and speculation about potential changes to Indonesia's export levy. However, the market recorded its first weekly decline in four weeks.

Overnight Soybean oil Dec Month rose 0.91 to close higher at 45.35 Dalian’s active palm oil contract rose 112 points to close higher at 10098 on previous night session.

Please noted that the active trading month switch to February 2025 contract from today onward. Tracking bullish performance in rival oil market, the palm prices could remain trading in upside bias, supported above 5040 to 5030 could provide buying opportunity. The immediate support and resistance levels are pinpointed at 5054 and 5076, respectively.

(News Source: Reuters)

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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