FCPO
FCPO 3rd Month Futures - 6 Dec 2024
Fri, 06-Dec-2024 08:06 am
by Dealing Team • Apex Futures

FCPO
Pivot
5143
Resistance
5167 / 5182 / 5203 / 5233
Support
5143 / 5121 / 5098 / 5076
Possible Range
5100 to 5200
Strategy
Long positions may be opened above 5145 with targets 5167/5182 at stop-loss at 5125
Short positions may be opened below 5145 with targets at 5121/5098 stop-loss at 5165

FCPO Feb month contract rose 103 points or 2.05% to close higher at 5135. Malaysian crude palm oil futures ended higher, driven by concerns over reduced production due to recent flooding in the country. A palm oil trader noted that rising soybean oil prices on the CBOT also boosted market sentiment.

Overnight Soybean oil Jan Month rose 0.89 to close higher at 42.31. Dalian’s active palm oil contract rose 14 points to close higher at 10282 on previous night session.

Tracking the positive performance in rival oil market, the palm price likely consolidated in upward channel. The price reached resistant area and also top of sideway consolidation at the range 5165 to 5160 and see pull back, sentiment remain bullish, however we expect some technical correction to take place with the support see at 5145 to 5140 area, break below could see the price fall toward next support range. The immediate support and resistance levels are pinpointed at 5143 and 5167, 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