FCPO
FCPO 3rd Month Futures (PM) - 13 Dec 2024
Fri, 13-Dec-2024 01:59 pm
by Dealing Team • Apex Futures

FCPO
Pivot
4893
Resistance
4893 / 4912 / 4933 / 4958
Support
4871 / 4848 / 4830 / 4811
Possible Range
4860 to 4960
Strategy
Long positions may be opened above 4871 with targets 4893/4912 at stop-loss at 4851
Short positions may be opened below 4871 with targets at 4848/4830 stop-loss at 4891

FCPO Feb month dropped 35 points or 0.71% to closed lower at 4886 on midday session. 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.

The palm prices traded lower on morning session, hovering within a sideway consolidation, top range see at 4935 to 4930, bottom at 4865 to 4870, likely to remain trading within the rang. We see buying opportunity for next session as the price supported above the bottom and trying to moving upward, breaking above 4895 to 4990 could see further higher toward the top of the range. The immediate support and resistance levels are identified at 4871 and 4893, 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