FCPO
FCPO 3rd Month Futures (PM) - 12 Dec 2024
Thu, 12-Dec-2024 02:04 pm
by Dealing Team • Apex Futures

FCPO
Pivot
4839
Resistance
4859 / 4880 / 4903 / 4928
Support
4820 / 4797 / 4775 / 4753
Possible Range
4800 to 4900
Strategy
Long positions may be opened above 4820 with targets 4839/4859 at stop-loss at 4800
Short positions may be opened below 4820 with targets at 4797/4775 stop-loss at 4840

FCPO Feb month dropped 7 points or 0.14% to closed lower at 4849 on midday session. Malaysian crude palm oil futures opened lower on Thursday, following a decline in rival soyoil prices on the Chicago Board of Trade (CBOT) exchange.

The palm prices traded lower on morning session, the price reached 4762 intraday low and recover sharply, forms a downward channel, we see the support at 4820 to 4815 range, if the price could firmly trade above this range, we may see buying opportunity toward 4880 to 4875 range. Otherwise, break down the support can look for sell. The immediate support and resistance levels are identified at 4820 and 4859, 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