FCPO
FCPO 3rd Month Futures (PM) - 7 Jan 2025
Tue, 07-Jan-2025 02:15 pm
by Dealing Team • Apex Futures

FCPO
Pivot
4327
Resistance
4350 / 4372 / 4396 / 4420
Support
4327 / 4308 / 4285 / 4262
Possible Range
4300 to 4400
Strategy
Long positions may be opened above 4350 with targets 4372/4396 at stop-loss at 4330
Short positions may be opened below 4350 with targets at 4327/4308 stop-loss at 4370

FCPO Mar month dropped 2 points or 0.05% to closed slightly lower at 4336 on midday session. Malaysian crude palm oil futures declined on Tuesday for the second straight session, following weaker trends in rival edible oils.

Palm oil inventories in Malaysia are expected to decrease in December for the third consecutive month, driven by lower production caused by recent heavy rainfall that disrupted harvesting, according to a Reuters survey.

In daily chart, the palm price opens lower tracking the weaker sentiment in rival oil market, then slowly trading upward on technical buying, we see the bigger picture still in bearish mode, sell on rebound consider as main plan, with crucial resistance at 4350 to 4360, if this range remain resistant, palm price could face selling pressure again, however if the range could break, we might see buying opportunity toward 4395 to 4400 range. The immediate support and resistance levels are identified at 4327 and 4350, 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