FCPO
FCPO 3rd Month Futures - 2 Jan 2025
Thu, 02-Jan-2025 08:39 am
by Dealing Team • Apex Futures

FCPO
Pivot
4481
Resistance
4458 / 4481 / 4501 / 4524
Support
4433 / 4409 / 4386 / 4365
Possible Range
4420 to 4520
Strategy
Long positions may be opened above 4458 with targets 4481/4501 at stop-loss at 4438
Short positions may be opened below 4458 with targets at 4433/4409 stop-loss at 4478

FCPO Mar month contract dropped 103 points or 2.26% to closed lower at 4448. Malaysian crude palm oil futures ended the year with a 19.43% annual gain on Tuesday, breaking a two-year streak of losses. However, the market declined on the day due to a lack of fresh buying activity as the year came to a close.

Overnight Soybean oil Mar Month rose 0.06 to close slightly higher at 40.36. Dalian’s active palm oil contract dropped 96 points to close lower at 8668 on previous 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 further lower after it fail to break above the crucial resistant line at 4645 to 4655 range, latest movement spotted upward channel with new support range see at 4415 to 4420. We might see technical buying opportunity if the support area remains firm, breaking above 4455 to 4460 could see further higher. If fail to support at 4415 to 4420, selling pressure may continue. 

The immediate support and resistance levels are pinpointed at 4433 and 4458, respectively.

(News Source: Reuters)

Read more details in:

Disclaimer

The report is for internal and private circulation only and shall not be reproduced either in part or otherwise without the prior written consent of Apex Securities Berhad. The opinions and information contained herein are based on available data believed to be reliable. It is not to be construed as an offer, invitation or solicitation to buy or sell the securities covered by this report.

Opinions, estimates and projections in this report constitute the current judgment of the author. They do not necessarily reflect the opinion of Apex Securities Berhad and are subject to change without notice. Apex Securities Berhad has no obligation to update, modify or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.

Apex Securities Berhad does not warrant the accuracy of anything stated herein in any manner whatsoever and no reliance upon such statement by anyone shall give rise to any claim whatsoever against Apex Securities Berhad. Apex Securities Berhad may from time to time have an interest in the company mentioned by this report. This report may not be reproduced, copied or circulated without the prior written approval of Apex Securities Berhad.

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