FCPO
FCPO 3rd Month Futures - 28 Nov 2024
Thu, 28-Nov-2024 08:16 am
by Dealing Team • Apex Futures

FCPO
Pivot
4818
Resistance
4818 / 4846 / 4872 / 4891
Support
4792 / 4770 / 4749 / 4728
Possible Range
4760 to 4860
Strategy
Long positions may be opened above 4790 with targets 4818/4846 at stop-loss at 4770
Short positions may be opened below 4790 with targets at 4770/4749 stop-loss at 4810

FCPO Feb month contract rose 63 points or 1.33% to close higher at 4798. Malaysia's crude palm oil futures closed higher for the third consecutive day on Wednesday. Palm oil traders noted that concerns over the slow pace of production are sustaining positive market sentiment.

Overnight Soybean oil Jan Month dropped 1.79 to close lower at 40.92. Dalian’s active palm oil contract rose 154 points to close higher at 9910 on previous night session.

Tracking the mixed performance in rival oil market, the palm price seems like remain trading within a downward channel. The latest price reached resistant range of the channel at 4840 to 4850 and pull back. We see the support range at 4780 to 4775, if supported above this range could remain buying on retracement plan. The immediate support and resistance levels are pinpointed at 4792 and 4818, respectively.

(News Source: Bernama)

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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