FCPO
FCPO 3rd Month Futures - 12 Dec 2024
Thu, 12-Dec-2024 08:17 am
by Dealing Team • Apex Futures

FCPO
Pivot
4886
Resistance
4915 / 4940 / 4968 / 4990
Support
4855 / 4827 / 4804 / 4783
Possible Range
4850 to 4950
Strategy
Long positions may be opened above 4915 with targets 4940/4968 at stop-loss at 4895
Short positions may be opened below 4915 with targets at 4886/4827 stop-loss at 4935

FCPO Feb month contract dropped 95 points or 1.92% to close lower at 4856. Malaysian palm oil futures extended loss on Wednesday, as traders booked profits following early gains that were triggered by a drop in November stockpiles.

Overnight Soybean oil Jan Month dropped 0.28 to close lower at 42.44. Dalian’s active palm oil contract rose 6 points to close slightly higher at 9288 on previous night session.

Tracking the mixed performance in rival oil market, the palm price likely to continue hovering in downside bias. We see the price fell to 4817 (serve as the healthy correction range for the recent uptrend) and bounce higher, if the price could remain trading above the immediate support of 4855 to 4860, can consider remain buy plan. Breaking above 4915 to 4925 can see further higher. The immediate support and resistance levels are pinpointed at 4855 and 4915, 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