FCPO
FCPO 3rd Month Futures (PM) - 6 Jan 2025
Mon, 06-Jan-2025 02:27 pm
by Dealing Team • Apex Futures

FCPO
Pivot
4372
Resistance
4350 / 4372 / 4396 / 4420
Support
4328 / 4307 / 4285 / 4262
Possible Range
4290 to 4390
Strategy
Long positions may be opened above 4328 with targets 4350/4372 at stop-loss at 4308
Short positions may be opened below 4328 with targets at 4307/4285 stop-loss at 4348

FCPO Mar month dropped 30 points or 0.69% to closed lower at 4338 on midday session. Malaysian crude palm oil futures opened higher on Monday for the second straight session, driven by gains in Dalian palm olein and Chicago soyoil.

Indonesia's energy and mineral resources minister issued a decree last Friday, allocating 15.6 million kilolitres of biodiesel for 2025 distribution and giving the industry until the end of next month to adjust to the increased fuel blend level.

In daily chart, the palm price opens higher at the resistant range at 4440 to 4445 and follow by a strong sell down. In hourly chart, the palm price forms upward channel, with the price currently hovering at the support line at 4335 to 4328, we might see more downside if the range unable to hold, if the support can hold, palm price likely to moving upward. However, in bigger time frame, the bearish momentum remains intact. The immediate support and resistance levels are identified at 4328 and 4350, 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