FCPO
FCPO 3rd Month Futures (PM) - 2 Jan 2025
Thu, 02-Jan-2025 02:26 pm
by Dealing Team • Apex Futures

FCPO
Pivot
4413
Resistance
4392 / 4413 / 4435 / 4458
Support
4361 / 4338 / 4312 / 4287
Possible Range
4320 to 4420
Strategy
Long positions may be opened above 4413 with targets 4435/4458 at stop-loss at 4393
Short positions may be opened below 4413 with targets at 4392/4361 stop-loss at 4433

FCPO Mar month dropped 59 points or 1.33% to closed lower at 4389 on midday session. 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.

In daily chart, the palm price fails to break below the low on previous session, which is also the support line of upward channel at 4415 to 4420 range, the market trading further lower. We reckon sell on rebound for comings session, the new support see at 4360 to 4350, if breaking below could see further lower again. The immediate support and resistance levels are identified at 4361 and 4392, 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