FCPO
FCPO 3rd Month Futures - 14 Jan 2025
Tue, 14-Jan-2025 08:34 am
by Dealing Team • Apex Futures

FCPO
Pivot
4502
Resistance
4502 / 4523 / 4546 / 4568
Support
4479 / 4457 / 4428 / 4404
Possible Range
4440 to 4540
Strategy
Long positions may be opened above 4479 with targets 4502/4523 at stop-loss at 4459
Short positions may be opened below 4479 with targets at 4457/4428 stop-loss at 4499

FCPO Mar month contract rose 109 points or 2.48% to closed higher at 4500. Malaysian palm oil futures ended higher on Monday, supported by gains in soyoil prices on the Dalian and Chicago markets.

Overnight Soybean oil Mar Month rose 0.41 to close higher at 45.99. Dalian’s active palm oil contract closed unchanged at 8698 on previous night session.

Tracking the mixed performance in rival oil market, the palm price could trade in sideway consolidation with upside bias. In daily chart, the pattern remains bearish, with the major resistant see at 4560 to 4555, breaking above the major line could see further upside. Crucial support line sees at 4475 to 4480, forming double bottom pattern in hourly chart, supported here could remain buy on retracement plan. The immediate support and resistance levels are pinpointed at 4479 and 4502, respectively.

(News Source: Reuters)

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Market Mover
Settlement Rates
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USD 3.952219 3.979032
EUR 4.632284 4.636049
CNY 0.579684 0.580150
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