FCPO
FCPO 3rd Month Futures - 16 Dec 2024
Mon, 16-Dec-2024 08:27 am
by Dealing Team • Apex Futures

FCPO
Pivot
4900
Resistance
4922 / 4945 / 4966 / 4982
Support
4881 / 4862 / 4840 / 4818
Possible Range
4860 to 4960
Strategy
Long positions may be opened above 4881 with targets 4900/4922 at stop-loss at 4861
Short positions may be opened below 4881 with targets at 4862/4840 stop-loss at 4901

FCPO Feb month contract dropped 15 points or 0.30% to close lower at 4906. Malaysian crude palm oil futures continued to decline on Friday, following weakness in rival vegetable oils on the Chicago and Dalian exchanges, ending the week with a loss.

Overnight Soybean oil Jan Month dropped 0.06 to close slightly lower at 42.61. Dalian’s active palm oil contract rose 116 points to close higher at 9384 on previous night session.

Tracking the positive performance in rival oil market, the palm price likely to remain trading upward bias. The palm prices in daily chart, trading below the middle of the sideway range at 4920 to 4910, if the price could break above, we might see further higher, however if the price fail to break above, we might see selling pressure to coming in. The immediate support and resistance levels are pinpointed at 4881 and 4922, respectively.

(News Source: Reuters)

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Market Mover
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CNY 0.579004 0.579460
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