FCPO
FCPO 3rd Month Futures - 9 Dec 2024
Mon, 09-Dec-2024 08:14 am
by Dealing Team • Apex Futures

FCPO
Pivot
5129
Resistance
5153 / 5178 / 5203 / 5228
Support
5104 / 5079 / 5054 / 5030
Possible Range
5070 to 5170
Strategy
Long positions may be opened above 5104 with targets 5129/5153 at stop-loss at 5084
Short positions may be opened below 5104 with targets at 5079/5054 stop-loss at 5124

FCPO Feb month contract dropped 7 points or 0.14% to close lower at 5128. Malaysian crude palm oil futures fell on Friday due to reduced supply concerns, as weather conditions improved in Malaysia, the world's second-largest producer. However, the contract still posted a second consecutive weekly gain.

Overnight Soybean oil Jan Month dropped 0.66 to close higher at 42.97. Dalian’s active palm oil contract rose 104 points to close higher at 10328 on previous night session.

Tracking the positive performance in rival oil market, the palm price could trade within a range. The price recently trading within a sideway consolidation, with the top (first resistant range) see at 5155 to 5165, failed to break through after several attempts. Support see at 5100 to 5095, also the middle of the sideway range, if supported we could see buying opportunity and likely to see the market to test resistant range again. If support range fails to hold, we might see selling toward next support range. The immediate support and resistance levels are pinpointed at 5104 and 5153, 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