FCPO
FCPO 3rd Month Futures - 17 Dec 2024
Tue, 17-Dec-2024 08:21 am
by Dealing Team • Apex Futures

FCPO
Pivot
4740
Resistance
4758 / 4782 / 4806 / 4830
Support
4722 / 4700 / 4674 / 4648
Possible Range
4680 to 4780
Strategy
Long positions may be opened above 4758 with targets 4782/4806 at stop-loss at 4738
Short positions may be opened below 4758 with targets at 4740/4722 stop-loss at 4778

FCPO Mar month contract dropped 148 points or 3.02% to close lower at 4758. Malaysian crude palm oil futures fell for a second consecutive session on Monday, reversing midday gains due to declines in rival soyoils, though a weaker ringgit helped cushion the losses.

Overnight Soybean oil Jan Month dropped 0.89 to close lower at 41.72. Dalian’s active palm oil contract dropped 112 points to close lower at 9202 on previous night session.

Tracking the negative performance in rival oil market, the palm price likely to remain trading in downward bias. The palm prices in daily chart, broke down from the bottom of sideway consolidation at 4760 to 4755 range, now serve as first resistant range. we see further downside and reckon sell on rebound as main plan if the resistant range remain strong. The immediate support and resistance levels are pinpointed at 4722 and 4758, respectively.

(News Source: Reuters)

Read more details in:

Disclaimer

The report is for internal and private circulation only and shall not be reproduced either in part or otherwise without the prior written consent of Apex Securities Berhad. The opinions and information contained herein are based on available data believed to be reliable. It is not to be construed as an offer, invitation or solicitation to buy or sell the securities covered by this report.

Opinions, estimates and projections in this report constitute the current judgment of the author. They do not necessarily reflect the opinion of Apex Securities Berhad and are subject to change without notice. Apex Securities Berhad has no obligation to update, modify or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.

Apex Securities Berhad does not warrant the accuracy of anything stated herein in any manner whatsoever and no reliance upon such statement by anyone shall give rise to any claim whatsoever against Apex Securities Berhad. Apex Securities Berhad may from time to time have an interest in the company mentioned by this report. This report may not be reproduced, copied or circulated without the prior written approval of Apex Securities Berhad.

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