FCPO
FCPO 3rd Month Futures - 10 Jan 2025
Fri, 10-Jan-2025 08:32 am
by Dealing Team • Apex Futures

FCPO
Pivot
4291
Resistance
4302 / 4325 / 4351 / 4375
Support
4275 / 4254 / 4230 / 4204
Possible Range
4270 to 4370
Strategy
Long positions may be opened above 4302 with targets 4325/4351 at stop-loss at 4282
Short positions may be opened below 4302 with targets at 4275/4254 stop-loss at 4322

FCPO Mar month contract dropped 58 points or 1.33% to closed lower at 4296. Malaysian crude palm oil futures declined for the second consecutive session on Thursday, weighed down by weak demand.

Overnight Soybean oil Mar Month rose 1.17 to close higher at 42.76. Dalian’s active palm oil contract dropped 84 points to close lower at 8422 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, the recent movement broke down below the crucial support at 4285 to 4280 and recover back above the range, hence we remain our crucial support at this range. The palm price potentially trades higher today on technical buying, crucial resistant range see at 4325 to 4330, breaking above could see further higher, highest likely to see at 4350 to 4355. The immediate support and resistance levels are pinpointed at 4275 and 4302, 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