FCPO
FCPO 3rd Month Futures - 18 Dec 2024
Wed, 18-Dec-2024 08:15 am
by Dealing Team • Apex Futures

FCPO
Pivot
4676
Resistance
4676 / 4697 / 4717 / 4741
Support
4652 / 4628 / 4608 / 4587
Possible Range
4640 to 4740
Strategy
Long positions may be opened above 4676 with targets 4697/4717 at stop-loss at 4656
Short positions may be opened below 4676 with targets at 4652/4628 stop-loss at 4696

FCPO Mar month contract dropped 33 points or 0.69% to close lower at 4725. Malaysia's crude palm oil futures closed lower on Tuesday, pressured by a sharp decline in overnight soybean oil futures on the CBOT.

Overnight Soybean oil Jan Month dropped 1.10 to close lower at 40.62. Dalian’s active palm oil contract dropped 118 points to close lower at 9088 on previous night session.

Tracking the negative performance in rival oil market, the palm price likely to remain trading in bearish mode. However we see the price touched the crucial support, which is also the bottom line of wide range sideway consolidation at 4635 to 4640 and see some bounce back, there is likely a strong technical buying coming in at the area with resistant to watch at 4675 to 4680, breaking above could see further higher. The immediate support and resistance levels are pinpointed at 4652 and 4676, 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