FCPO
FCPO 3rd Month Futures - 4 Dec 2024
Wed, 04-Dec-2024 08:18 am
by Dealing Team • Apex Futures

FCPO
Pivot
5131
Resistance
5155 / 5178 / 5193 / 5207
Support
5131 / 5117 / 5102 / 5079
Possible Range
5100 to 5200
Strategy
Long positions may be opened above 5131 with targets 5155/5178 at stop-loss at 5111
Short positions may be opened below 5131 with targets at 5117/5102 stop-loss at 5151

FCPO Feb month contract rose 120 points or 2.42% to close higher at 5075. Malaysian crude palm oil futures gained on Tuesday, driven by strong Dalian palm oil and Chicago soyoil prices. Supply concerns stemming from floods in Peninsular Malaysia, along with an increase in Indonesia's export tax and levy for December, provided additional support.

Overnight Soybean oil Jan Month rose 0.72 to close higher at 42.14. Dalian’s active palm oil contract rose 184 points to close higher at 10438 on previous night session.

Tracking the positive performance in rival oil market, the palm price likely to remain in upward bias trading. We reckon buy on retracement as main plan, support level sees at 5030 to 5025, supported could provide buying opportunity. Otherwise, it could provide selling opportunity toward 5110 to 5115 range, the bottom of minor sideway consolidation which spot at smaller time frame. The immediate support and resistance levels are pinpointed at 5131 and 5155, 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