FCPO
FCPO 3rd Month Futures - 31 Dec 2024
Tue, 31-Dec-2024 08:23 am
by Dealing Team • Apex Futures

FCPO
Pivot
4530
Resistance
4530 / 4552 / 4574 / 4595
Support
4501 / 4479 / 4455 / 4433
Possible Range
4460 to 4560
Strategy
Long positions may be opened above 4530 with targets 4552/4574 at stop-loss at 4510
Short positions may be opened below 4530 with targets at 4501/4479 stop-loss at 4550

FCPO Mar month contract dropped 73 points or 1.58% to closed lower at 4551. Malaysian crude palm oil futures continued to decline on Monday, tracking losses in rival soyoils on the Dalian market, as traders awaited fresh catalysts amid the holiday season.

Overnight Soybean oil Mar Month rose 0.30 to close higher at 40.30. Dalian’s active palm oil contract dropped 86 points to close lower at 8678 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 fails to break beyond the crucial resistant range at 4645 to 4650 and turn to sell in previous session, latest the price trading below 4600. We anticipate the palm price to continue in downside bias, current formation more favorable to sell on rebound, support see at 4500 to 4495, if breaking below we might see further lower toward 4470 to 4465. The immediate support and resistance levels are pinpointed at 4501 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