FCPO
FCPO 3rd Month Futures - 10 Dec 2024
Tue, 10-Dec-2024 08:26 am
by Dealing Team • Apex Futures

FCPO
Pivot
5126
Resistance
5151 / 5173 / 5197 / 5220
Support
5095 / 5072 / 5048 / 5020
Possible Range
5060 to 5160
Strategy
Long positions may be opened above 5126 with targets 5151/5173 at stop-loss at 5106
Short positions may be opened below 5126 with targets at 5095/5072 stop-loss at 5146

FCPO Feb month contract dropped 8 points or 0.16% to close slightly lower at 5111. Malaysian palm oil futures ended lower on Monday, following a drop in rival vegetable oils on the Dalian and Chicago exchanges, as traders awaited guidance from the upcoming Malaysian Palm Oil Board (MPOB) data.

Overnight Soybean oil Jan Month dropped 0.17 to close lower at 42.80. Dalian’s active palm oil contract dropped 28 points to close lower at 9570 on previous night session.

Tracking the negative performance in rival oil market, the palm price likely to trade lower. The price remains hovering within a sideway consolidation, trading above the middle of the range also the support area at 5095 to 5090. We might see some selling activities to coming in, if breaking below the support range, the price could trade further lower, if supported we might see buying opportunity. The immediate support and resistance levels are pinpointed at 5095 and 5151, 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