FCPO
FCPO 3rd Month Futures (PM) - 10 Dec 2024
Tue, 10-Dec-2024 02:13 pm
by Dealing Team • Apex Futures

FCPO
Pivot
5075
Resistance
5052 / 5075 / 5095 / 5117
Support
5026 / 4998 / 4973 / 4952
Possible Range
5000 to 5100
Strategy
Long positions may be opened above 5050 with targets 5075/5095 at stop-loss at 5030
Short positions may be opened below 5050 with targets at 5026/4998 stop-loss at 5070

FCPO Feb month dropped 82 points or 1.60% to closed lower at 5038 on midday session. Malaysian crude palm oil futures climbed on Tuesday, supported by gains in soyoil on the Dalian exchange, as traders anticipated the release of data from the Malaysian Palm Oil Board (MPOB) later in the day.

The palm prices breaking below the middle of the sideway consolidation at 5095 to 5090 and trade further lower. We reckon sell on rebound to be main plan, toward the crucial support, which is also bottom of the sideway to see at 5000 to 4995. Resistant range to see at 5075 to 5080, here is also potential selling area. The immediate support and resistance levels are identified at 5026 and 5052, 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