FCPO
FCPO 3rd Month Futures (PM) - 3 Jan 2025
Fri, 03-Jan-2025 02:13 pm
by Dealing Team • Apex Futures

FCPO
Pivot
4338
Resistance
4364 / 4388 / 4409 / 4433
Support
4338 / 4317 / 4296 / 4267
Possible Range
4330 to 4430
Strategy
Long positions may be opened above 4364 with targets 4388/4409 at stop-loss at 4344
Short positions may be opened below 4364 with targets at 4338/4317 stop-loss at 4384

FCPO Mar month rose 21 points or 0.48% to closed higher at 4354 on midday session. Malaysian crude palm oil futures opened lower on Friday, following weakness in rival Dalian vegetable oils, and were on track for a weekly decline.

Uncertainty lingered among palm oil traders as Indonesia delayed implementing the higher mandatory biodiesel blend scheduled for January 1, with industry participants awaiting the technical regulations for the rollout.

In daily chart, the palm price broke down from the bottom of minor sideway consolidation (4345 to 4350), reach the intraday low at 4280, however the price then recovers and closed within the sideway range, at the top of the sideway range at 4355 to 4360. The market remains indecisive and we expect the sideway trading to persist, if breaking either way could move toward the direction. The immediate support and resistance levels are identified at 4338 and 4364, 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