FCPO
FCPO 3rd Month Futures - 27 Dec 2024
Fri, 27-Dec-2024 08:22 am
by Dealing Team • Apex Futures

FCPO
Pivot
4529
Resistance
4560 / 4586 / 4612 / 4635
Support
4529 / 4506 / 4485 / 4463
Possible Range
4500 to 4600
Strategy
Long positions may be opened above 4529 with targets 4560/4586 at stop-loss at 4509
Short positions may be opened below 4529 with targets at 4506/4485 stop-loss at 4549

FCPO Mar month contract dropped 15 points or 0.33% to closed lower at 4543. Malaysian crude palm oil futures declined on Thursday following the Christmas break, pressured by significant selling activity and weakness in Dalian palm olein prices.

Overnight Soybean oil Mar Month dropped 0.42 to close lower at 39.88. Dalian’s active palm oil contract rose 32 points to close higher at 8736 on previous night session.

Tracking the mixed performance in rival oil market, the palm price likely to trade within a range. In daily chart, the palm price trading below 4600 for a week since the strong sell down on 18 Dec, now serve as immediate resistant range if the price wants to continue go higher. Latest movement see the price remain trading in the sideway consolidation in hourly chart, top range see at 4560 to 4570, while bottom range at 4500 to 4510, breaking ether side could move toward the direction. In sideway movement, if trading above the middle 4530 to 4525, trader may look for buy, if trading below, will favorable for sell. The immediate support and resistance levels are pinpointed at 4529 and 4560, 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