FCPO
FCPO 3rd Month Futures - 6 Jan 2025
Mon, 06-Jan-2025 08:27 am
by Dealing Team • Apex Futures

FCPO
Pivot
4350
Resistance
4375 / 4398 / 4422 / 4448
Support
4350 / 4328 / 4303 / 4280
Possible Range
4320 to 4420
Strategy
Long positions may be opened above 4375 with targets 4398/4422 at stop-loss at 4355
Short positions may be opened below 4375 with targets at 4350/4328 stop-loss at 4395

FCPO Mar month contract rose 35 points or 0.81% to closed higher at 4368. Malaysian palm oil futures ended higher on Friday but recorded a 5.41% weekly loss, reversing the gains from the prior week.

Overnight Soybean oil Mar Month dropped 0.34 to close lower at 39.93. Dalian’s active palm oil contract rose 46 points to close higher at 8528 on previous night session.

Tracking the mixed performance in rival oil market, the palm price could continue to trade within a range. In daily chart, the prices trading below a crucial resistant range 4400 to 4395, remain in bearish momentum, main plan still sell on rebound. In hourly chart, the price forms sideway consolidation, top is the crucial resistant range, while bottom at 4295 to 4290. We might see the market trading within the range, if breaking either way could move toward the direction. The immediate support and resistance levels are pinpointed at 4350 and 4375, 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