FCPO
FCPO 3rd Month Futures - 5 Dec 2024
Thu, 05-Dec-2024 08:25 am
by Dealing Team • Apex Futures

FCPO
Pivot
5075
Resistance
5090 / 5105 / 5121 / 5136
Support
5060 / 5044 / 5029 / 5014
Possible Range
5050 to 5150
Strategy
Long positions may be opened above 5075 with targets 5090/5105 at stop-loss at 5055
Short positions may be opened below 5075 with targets at 5060/5044 stop-loss at 5095

FCPO Feb month contract dropped 43 points or 0.85% to close lower at 5032. Malaysian crude palm oil futures declined on Wednesday, weighed down by weakness in competing vegetable oils, with additional pressure from a stronger ringgit.

Overnight Soybean oil Jan Month dropped 0.72 to close lower at 41.42. Dalian’s active palm oil contract dropped 4 points to close lower at 10386 on previous night session.

Tracking the negative performance in rival oil market, the palm price likely to trading within a range. The prices trading within an upward channel and trading within the support line, if remain supported above 5060 to 5055, we could see buying opportunity, if fail to hold we might see selling again.  We reckon buy on retracement as main plan. The immediate support and resistance levels are pinpointed at 5060 and 55090, 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