FCPO
FCPO 3rd Month Futures (PM) - 16 Dec 2024
Mon, 16-Dec-2024 02:14 pm
by Dealing Team • Apex Futures

FCPO
Pivot
4823
Resistance
4845 / 4868 / 4889 / 4913
Support
4823 / 4795 / 4770 / 4748
Possible Range
4800 to 4900
Strategy
Long positions may be opened above 4845 with targets 4868/4889 at stop-loss at 4825
Short positions may be opened below 4845 with targets at 4823/4795 stop-loss at 4865

FCPO Mar month dropped 79 points or 1.61% to closed lower at 4827 on midday session. Malaysian crude palm oil futures opened lower on Monday, pressured by weakness in rival vegetable oils and disappointing cargo surveyor data.

The FCPO contract trading on Mar25 contract from today onward. Palm prices open lower and trading higher on morning session, forming a wide range sideway consolidation with the bottom spotted at 4760 to 4770, latest trading below the middle of the range 4845 to 4850, serve as first resistant range, while support at 4810 to 4800,  if the price could support above the range, we might see further higher, toward the first resistant range. If the p[rice fail to support, we might see selling pressure to continue. The immediate support and resistance levels are identified at 4823 and 4845, 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