FCPO
FCPO 3rd Month Futures - 20 Dec 2024
Fri, 20-Dec-2024 08:30 am
by Dealing Team • Apex Futures

FCPO
Pivot
4483
Resistance
4458 / 4483 / 4512 / 4540
Support
4427 / 4401 / 4381 / 4360
Possible Range
4420 to 4520
Strategy
Long positions may be opened above 4427 with targets 4458/4483 at stop-loss at 4407
Short positions may be opened below 4427 with targets at 4401/4381 stop-loss at 4447

FCPO Mar month contract 21 points or 0.46% to closed lower at 4508. Malaysian crude palm oil futures fell for the fifth consecutive session on Thursday, pressured by uncertainty surrounding biofuel policies in Indonesia and the U.S.

Overnight Soybean oil Jan Month rose 0.87 to close higher at 40.42. Dalian’s active palm oil contract dropped 96 points to close lower at 8764 on previous night session.

Tracking the mixed performance in rival oil market, the palm price likely to remain trading in bearish momentum. In recent movement, the price trading lower for 5 consecutive sessions, still in a steep downtrend, we see some strong buying coming in on previous session, there is likely the price received support at certain range, spot at 4400 to 4410, as the bearish candle seems turning weaker, we will continue to monitor, nearest support sees at 4530 to 4525, if supported here could see buying opportunity, if fail to support, likely will come down again. The immediate support and resistance levels are pinpointed at 4427 and 4458, 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