FCPO
FCPO 3rd Month Futures - 25 Nov 2024
Mon, 25-Nov-2024 08:22 am
by Dealing Team • Apex Futures

FCPO
Pivot
4681
Resistance
4664 / 4681 / 4704 / 4733
Support
4640 / 4624 / 4598 / 4573
Possible Range
4590 to 4690
Strategy
Long positions may be opened above 4680 with targets 4704/4733 at stop-loss at 4660
Short positions may be opened below 4680 with targets at 4664/4640 stop-loss at 4700

FCPO Feb month contract dropped 130 points or 2.72% to close lower at 4642. Malaysian crude palm oil futures closed lower on Friday due to concerns over weakening export demand, which typically slows towards the end of the year due to seasonal patterns.

Overnight Soybean oil Dec Month dropped 0.44 to close lower at 41.84 Dalian’s active palm oil contract dropped 32 points to close lower at 9568 on previous night session.

Tracking the bearish performance in rival oil market, the palm price likely to remain trading in downward bias for further correction, sell on rebound remain the main plan, breaking below 4640 to 4635 we could see further lower. The immediate support and resistance levels are pinpointed at 4640 and 4664, respectively.

(News Source: Reuters)

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Market Mover
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