FCPO
FCPO 3rd Month Futures - 13 Dec 2024
Fri, 13-Dec-2024 08:18 am
by Dealing Team • Apex Futures

FCPO
Pivot
4908
Resistance
4935 / 4956 / 4978 / 5000
Support
4908 / 4882 / 4862 / 4841
Possible Range
4880 to 4980
Strategy
Long positions may be opened above 4908 with targets 4935/4956 at stop-loss at 4888
Short positions may be opened below 4908 with targets at 4882/4862 stop-loss at 4928

FCPO Feb month contract rose 65 points or 1.34% to close higher at 4921. Malaysian crude palm oil futures broke a three-day losing streak to close higher on Thursday, driven by restocking activity in India. According to a palm oil trader, market sentiment remained positive as traders replenished their inventories amid concerns over production levels caused by floods and adverse weather conditions.

Overnight Soybean oil Jan Month rose 0.23 to close higher at 42.67. Dalian’s active palm oil contract rose 72 points to close higher at 9288 on previous night session.

Tracking the positive performance in rival oil market, the palm price likely to remain trading in positive momentum. The palm prices in daily chart, trading above the middle of the sideway range at 4920 to 4910, if the range supported, we might see positive movement and further higher. If fail to support, selling pressure may coming in. The immediate support and resistance levels are pinpointed at 4908 and 4935, respectively.

(News Source: Bernama)

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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