FCPO
FCPO 3rd Month Futures - 7 Jan 2025
Tue, 07-Jan-2025 08:26 am
by Dealing Team • Apex Futures

FCPO
Pivot
4357
Resistance
4357 / 4378 / 4399 / 4420
Support
4331 / 4309 / 4286 / 4263
Possible Range
4300 to 4400
Strategy
Long positions may be opened above 4357 with targets 4378/4399 at stop-loss at 4337
Short positions may be opened below 4357 with targets at 4331/4309 stop-loss at 4377

FCPO Mar month contract dropped 30 points or 0.69% to closed lower at 4338. Malaysian palm oil futures declined on Monday, weighed down by subdued demand from a key market, India.

In December, India's palm oil imports fell to a nine-month low as a surge in prices to 2.5-year high drove refiners to opt for soyoil, which was available at a discounted rate, according to five dealers last Friday.

Overnight Soybean oil Mar Month rose 0.40 to close higher at 40.33. Dalian’s active palm oil contract rose 16 points to close higher at 8572 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, bearish momentum remain intact, main plan still sell on rebound. In hourly chart, the price forms downward channel consolidation and currently trading at the middle of the range pointing to upside bias on technical buying, however resistant see at 4355 to 4360 range, breaking above could see further higher but limited gain. Fail to break above, selling may continue. The immediate support and resistance levels are pinpointed at 4331 and 4357, respectively.

(News Source: Reuters)

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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 3.952219 3.979032
EUR 4.632284 4.636049
CNY 0.579684 0.580150
HKD 0.504395 0.507834
SGD 3.092296 3.113419