FCPO
FCPO 3rd Month Futures - 24 Dec 2024
Tue, 24-Dec-2024 08:15 am
by Dealing Team • Apex Futures

FCPO
Pivot
4504
Resistance
4530 / 4552 / 4575 / 4601
Support
4504 / 4483 / 4459 / 4438
Possible Range
4480 to 4580
Strategy
Long positions may be opened above 4504 with targets 4530/4552 at stop-loss at 4484
Short positions may be opened below 4504 with targets at 4483/4459 stop-loss at 4524

FCPO Mar month contract rose 109 points or 2.46% to closed higher at 4542. Malaysian crude palm oil futures rebounded on Monday following six straight sessions of losses, supported by stronger Dalian soyoil prices and buying interest from traders seeking value in lower-priced contracts after the recent decline.

Overnight Soybean oil Mar Month rose 0.78 to close higher at 40.66. Dalian’s active palm oil contract rose 86 points to close lower at 8780 on previous night session.

Tracking the bullish performance in rival oil market, the palm price likely to continue in upward bias trading, the price broke out from the resistant range (4500 to 4510) of the downward channel consolidation, now serve as support rang. We see a very minor sideway consolation range, resistant spot at 4530 to 4535, breaking above could see the further higher. The immediate support and resistance levels are pinpointed at 4504 and 4530, 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