FCPO
FCPO 3rd Month Futures - 23 Dec 2024
Mon, 23-Dec-2024 08:27 am
by Dealing Team • Apex Futures

FCPO
Pivot
4442
Resistance
4442 / 4467 / 4490 / 4515
Support
4416 / 4395 / 4371 / 4350
Possible Range
4370 to 4470
Strategy
Long positions may be opened above 4442 with targets 4467/4490 at stop-loss at 4422
Short positions may be opened below 4442 with targets at 4416/4395 stop-loss at 4462

FCPO Mar month contract dropped 71 points or 1.66% to closed lower at 4433. Malaysian crude palm oil futures closed lower on Friday, marking a second consecutive weekly decline due to weak export demand.

Overnight Soybean oil Mar Month dropped 0.54 to close lower at 39.88. Dalian’s active palm oil contract dropped 146 points to close lower at 8616 on previous night session.

Tracking the bearish performance in rival oil market, the palm price likely to remain trading in bearish momentum. We remain sell on rebound plan for comings session, downward channel spot in hourly chart, with the latest price hovering at the middle of the range, potentially see some technical buying, crucial resistant to see at 4470 to 4465, if fail to break above, we might see selling pressure, if break above the palm price may continue to trade higher. The immediate support and resistance levels are pinpointed at 4416 and 4442, 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