FCPO
FCPO 3rd Month Futures - 19 Dec 2024
Thu, 19-Dec-2024 08:23 am
by Dealing Team • Apex Futures

FCPO
Pivot
4504
Resistance
4504 / 4524 / 4543 / 4566
Support
4479 / 4455 / 4435 / 4416
Possible Range
4430 to 4530
Strategy
Long positions may be opened above 4504 with targets 4524/4543 at stop-loss at 4484
Short positions may be opened below 4504 with targets at 4479/4455 stop-loss at 4524

FCPO Mar month contract dropped 196 points or 4.15% to close lower at 4529. Malaysian crude palm oil futures fell for the fourth straight session on Wednesday, pressured by declines in competing edible oils.

Overnight Soybean oil Jan Month dropped 1.07 to close lower at 39.55. Dalian’s active palm oil contract dropped 168 points to close lower at 8916 on previous night session.

Tracking the negative performance in rival oil market, the palm price likely to remain trading in bearish momentum, sell on rebound remain main plan. We see the support range at 4480 to 4475, if fail to support the price could move further lower. The immediate support and resistance levels are pinpointed at 4479 and 4504, 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