FCPO
FCPO 3rd Month Futures - 9 Jan 2025
Thu, 09-Jan-2025 08:30 am
by Dealing Team • Apex Futures

FCPO
Pivot
4358
Resistance
4335 / 4358 / 4382 / 4403
Support
4311 / 4287 / 4264 / 4240
Possible Range
4280 to 4380
Strategy
Long positions may be opened above 4335 with targets 4358/4382 at stop-loss at 4315
Short positions may be opened below 4335 with targets at 4311/4287 stop-loss at 4355

FCPO Mar month contract dropped 11 points or 0.25% to closed lower at 4354. Malaysian crude palm oil futures closed lower on Wednesday, pressured by concerns over export demand and uncertainty surrounding Indonesia's biodiesel mandate.

Last Friday, Indonesia's Energy and Mineral Resources Minister issued a decree allocating 15.6 million kilolitres of biodiesel for distribution in 2025, allowing the industry until the end of next month to make necessary adjustments.

Overnight Soybean oil Mar Month rose 0.34 to close higher at 41.59. Dalian’s active palm oil contract dropped 118 points to close lower at 8568 on previous night session.

Tracking the mixed performance in rival oil market, the palm price could trade within a range. In daily chart, the pattern remains bearish with sell on rebound as main plan, however we see the price support for third time above bottom of a sideway consolidation at 4280 to 4285, indicating the selling turn weakening, market is consolidating in sideway. Top of the range spot at 4420 to 4425, while middle at 4355 to 4360, trading below the middle remains see selling opportunities, if trading above buying is potential. The immediate support and resistance levels are pinpointed at 4311 and 4335, 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