FCPO
FCPO 3rd Month Futures (PM) - 31 Dec 2024
Tue, 31-Dec-2024 02:22 pm
by Dealing Team • Apex Futures

FCPO
Pivot
4521
Resistance
4521 / 4545 / 4566 / 4591
Support
4495 / 4474 / 4452 / 4433
Possible Range
4460 to 4560
Strategy
Long positions may be opened above 4521 with targets 4545/4566 at stop-loss at 4501
Short positions may be opened below 4521 with targets at 4495/4474 stop-loss at 4541

FCPO Mar month dropped 53 points or 1.16% to closed lower at 4498 on midday session. Malaysian crude palm oil futures opened lower on Tuesday, despite recording an annual gain of 21.37% so far, breaking a two-year losing streak since 2022.

 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 remain our view that the palm price likely 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. Otherwise, the price could support above 4595 to 4500 and trading higher. The immediate support and resistance levels are identified at 4495 and 4521, 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