FCPO
FCPO 3rd Month Futures - 3 Jan 2025
Fri, 03-Jan-2025 08:30 am
by Dealing Team • Apex Futures

FCPO
Pivot
4361
Resistance
4361 / 4383 / 4405 / 4424
Support
4340 / 4319 / 4293 / 4272
Possible Range
4310 to 4410
Strategy
Long positions may be opened above 4361 with targets 4383/4405 at stop-loss at 4341
Short positions may be opened below 4361 with targets at 4340/4319 stop-loss at 4381

FCPO Mar month contract dropped 115 points or 2.59% to closed lower at 4333. Malaysian crude palm oil futures ended lower on Thursday, pressured by a sell-off following news of Indonesia's delay in implementing the palm oil B40 program, which fueled market uncertainties.

Overnight Soybean oil Mar Month dropped 0.09 to close slightly lower at 40.27. Dalian’s active palm oil contract dropped 170 points to close lower at 8478 on previous night session.

Tracking the bearish performance in rival oil market, the palm price could continue to trade in downside bias. In previous session, the price opens high and faced a strong selling pressure, broke below the previous low 4345 to 4350, we remain sell on rebound as main plan. The palm price currently hovering in narrow range of sideway consolidation with top see at 4365 to 4370, while bottom at 4315 to 4320, breaking either way could move toward the direction. The immediate support and resistance levels are pinpointed at 4340 and 4361, 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