FCPO
FCPO 3rd Month Futures - 26 Nov 2024
Tue, 26-Nov-2024 08:21 am
by Dealing Team • Apex Futures

FCPO
Pivot
4679
Resistance
4679 / 4704 / 4733 / 4761
Support
4660 / 4642 / 4624 / 4598
Possible Range
4600 to 4700
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 4660/4642 stop-loss at 4700

FCPO Feb month contract rose 57 points or 1.23% to close higher at 4699. Malaysia crude palm oil futures ended a three-day losing streak to close higher on Monday, driven by stronger soybean oil prices on CBOT. Palm oil traders also noted that expectations of weaker output in the coming weeks supported market sentiment.

Overnight Soybean oil Dec Month dropped 0.51 to close lower at 41.33 Dalian’s active palm oil contract rose 90 points to close higher at 9688 on previous night session.

Tracking the mixed performance in rival oil market, the palm price likely to remain trading within a sideway consolidation with downward bias, sell on rebound remain the main plan if the price trading below 4680 to 4685 range. The immediate support and resistance levels are pinpointed at 4660 and 4679, respectively.

(News Source: Reuters)

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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 3.936314 3.966986
EUR 4.638033 4.641717
CNY 0.579004 0.579460
HKD 0.502535 0.505960
SGD 3.092229 3.113332