FCPO
FCPO 3rd Month Futures - 30 Dec 2024
Mon, 30-Dec-2024 08:23 am
by Dealing Team • Apex Futures

FCPO
Pivot
4596
Resistance
4629 / 4650 / 4673 / 4695
Support
4596 / 4571 / 4546 / 4521
Possible Range
4570 to 4670
Strategy
Long positions may be opened above 4596 with targets 4629/4650 at stop-loss at 4576
Short positions may be opened below 4596 with targets at 4506/4485 stop-loss at 4616

FCPO Mar month contract rose 81 points or 1.78% to closed higher at 4624. Malaysian crude palm oil futures climbed on Friday, supported by bargain hunting and stronger performance in competing edible oils, although gains were limited by weaker export estimates.

Overnight Soybean oil Mar Month rose 0.12 to close higher at 40.00. Dalian’s active palm oil contract rose 10 points to close slightly higher at 8784 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 in upward momentum for consecutive 4 days, forming an upward channel pattern, we see more room for further upside, hence buy on retracement remain the main plan. Crucial resistant range see at 4645 to 4650, breaking above could see further higher. The immediate support and resistance levels are pinpointed at 4596 and 4529, 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