FCPO
FCPO 3rd Month Futures - 13 Jan 2025
Mon, 13-Jan-2025 08:34 am
by Dealing Team • Apex Futures

FCPO
Pivot
4357
Resistance
4403 / 4425 / 4449 / 4470
Support
4383 / 4357 / 4336 / 4312
Possible Range
4370 to 4470
Strategy
Long positions may be opened above 4403 with targets 4425/4449 at stop-loss at 4383
Short positions may be opened below 4403 with targets at 4383/4357 stop-loss at 4423

FCPO Mar month contract rose 95 points or 2.21% to closed higher at 4391. Malaysian crude palm oil futures surged over 2% on Friday, rebounding to secure a weekly gain, supported by stronger Chicago soyoil prices.

Overnight Soybean oil Mar Month rose sharply 2.82 to close higher at 45.58. Dalian’s active palm oil contract rose 164 points to close higher at 8654 on previous night session.

Tracking the bullish performance in rival oil market, the palm price could continue trading in upward momentum. In daily chart, the pattern remains bearish, with the first crucial resistant see at 4450 to 4445, breaking above the major line could see further upside, while the bottom currently supported above the major line at 4280 to 4280. In short term time frame, we anticipate positive momentum to persist, supported above 4360 to 4355, which is middle of the sideway range, could remain buy plan. The immediate support and resistance levels are pinpointed at 4383 and 4403, 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