FCPO
FCPO 3rd Month Futures (PM) - 2 Dec 2024
Mon, 02-Dec-2024 02:10 pm
by Dealing Team • Apex Futures

FCPO
Pivot
5002
Resistance
5002 / 5026 / 5051 / 5081
Support
4971 / 4952 / 4931 / 4907
Possible Range
4960 to 5060
Strategy
Long positions may be opened above 4975 with targets 5002/5026 at stop-loss at 4955
Short positions may be opened below 4975 with targets at 4952/4931 stop-loss at 4995

FCPO Feb month dropped 30 points or 0.60% to closed lower at 4990 on midday session. Malaysian crude palm oil futures declined on Monday, ending a five-day winning streak, pressured by weaker soyoil prices in the Dalian and Chicago markets.

Palm prices in morning session pull back after touched the high price at 5063, we anticipate the dropped is due to technical correction. New support sees at 4970 to 4965, if this range continue to supported, we might see upward bias trading to continue. Breaking above the resistant at 5000 to 4995 could see further higher. The immediate support and resistance levels are identified at 4971 and 5002, 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