FCPO
FCPO 3rd Month Futures - 21 Nov 2024
Thu, 21-Nov-2024 08:25 am
by Dealing Team • Apex Futures

FCPO
Pivot
4773
Resistance
4790 / 4810 / 4830 / 4857
Support
4746 / 4720 / 4703 / 4685
Possible Range
4730 to 4830
Strategy
Long positions may be opened above 4790 with targets 4810/4830 at stop-loss at 4770
Short positions may be opened below 4790 with targets at 4773/4746 stop-loss at 4810

FCPO Feb month contract dropped 109 points or 2.21% to close lower at 4815. Malaysian crude palm oil futures dropped over 2% on Wednesday, pressured by weak export demand and declining Chicago soyoil prices.

Overnight Soybean oil Dec Month dropped 1.48 to close lower at 43.36 Dalian’s active palm oil contract dropped 154 points to close higher at 9794 on previous night session.

Tracking the bearish performance in rival oil market, the palm price likely to trade in downward bias. The price recently broke down from the support line of sideway consolidation range at 4830 to 4825 and trade further lower. We see latest price hovering at the support line of downward channel at 4730 to 4740, we likely to see some recovery, but could be limited, if supported above here could provide buying opportunity, if fail to could trigger further selling. The immediate support and resistance levels are pinpointed at 4746 and 4790, respectively.

(News Source: Reuters)

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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.455268 4.488135
EUR 4.716585 4.723137
CNY 0.616518 0.616862
HKD 0.572409 0.576643
SGD 3.318330 3.343262