FCPO
FCPO 3rd Month Futures - 27 Nov 2024
Wed, 27-Nov-2024 08:12 am
by Dealing Team • Apex Futures

FCPO
Pivot
4734
Resistance
4756 / 4778 / 4803 / 4829
Support
4734 / 4712 / 4685 / 4662
Possible Range
4680 to 4780
Strategy
Long positions may be opened above 4734 with targets 4756/4778 at stop-loss at 4714
Short positions may be opened below 4734 with targets at 4712/4685 stop-loss at 4754

FCPO Feb month contract rose 36 points or 0.77% to close higher at 4735. Malaysian crude palm oil futures climbed for the second straight session on Tuesday, driven by stronger soyoil prices and expectations of a drop in production in Malaysia.

Overnight Soybean oil Jan Month rose 1.38 to close higher at 42.71 Dalian’s active palm oil contract rose 2 points to close slightly higher at 9714 on previous night session.

Tracking the positive performance in rival oil market, the palm price likely to remain trading within a sideway consolidation with upward bias, as it supported above the middle of the range at 4700 to 4710. Breaking above 4755 to 4760 range could see further higher to next resistant. The immediate support and resistance levels are pinpointed at 4734 and 4756, respectively.

(News Source: Reuters)

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Market Mover
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EUR 4.638033 4.641717
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