FCPO
FCPO 3rd Month Futures - 3 Dec 2024
Tue, 03-Dec-2024 08:19 am
by Dealing Team • Apex Futures

FCPO
Pivot
4981
Resistance
5010 / 5033 / 5054 / 5078
Support
4981 / 4959 / 4935 / 4914
Possible Range
4930 to 5030
Strategy
Long positions may be opened above 5010 with targets 5033/5054 at stop-loss at 4990
Short positions may be opened below 5010 with targets at 4981/4959 stop-loss at 5030

FCPO Feb month contract dropped 65 points or 1.29% to close lower at 4955. Malaysian palm oil futures declined on Monday, breaking a five-session winning streak, due to weaker soyoil prices in the Dalian and Chicago markets, along with a drop in November exports.

Overnight Soybean oil Jan Month dropped 0.32 to close lower at 41.42. Dalian’s active palm oil contract dropped 12 points to close lower at 10212 on previous night session.

Tracking the negative performance in rival oil market, the palm price likely trade within a range. In Daily chart, the palm price broke up form an upward channel and latest we see the price enter into a sideway consolidation phase. The price attempt to broke up the resistant range at 5010 to 5020 but fail, trader may consider sell on rebound, however if breaking above we might see buying opportunity. The immediate support and resistance levels are pinpointed at 4981 and 5010, 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