FCPO
FCPO 3rd Month Futures - 15 Jan 2025
Wed, 15-Jan-2025 08:40 am
by Dealing Team • Apex Futures

FCPO
Pivot
4460
Resistance
4460 / 4482 / 4505 / 4532
Support
4435 / 4407 / 4382 / 4356
Possible Range
4430 to 4530
Strategy
Long positions may be opened above 4435 with targets 4460/4482 at stop-loss at 4415
Short positions may be opened below 4435 with targets at 4407/4382 stop-loss at 4455

FCPO Mar month contract dropped 63 points or 1.4% to closed lower at 4437. Malaysian crude palm oil futures ended lower on Tuesday as investors took profits following two consecutive sessions of sharp gains driven by reduced palm oil inventories and increasing oil prices.

Overnight Soybean oil Mar Month rose 0.23 to close higher at 46.22. Dalian’s active palm oil contract dropped 26 closed lower at 8698 on previous night session.

Tracking the mixed performance in rival oil market, the palm price could trade in within a range. In daily chart, the price trading within a downward channel, currently at the middle of the range. There is strong buying after the price touched 4410 to 4405 range, where the market closed the gap, potentially remain in upward momentum, new support range see at 4435 to 4430, while resistant at 4455 to 4460, breaking above could see further higher. The immediate support and resistance levels are pinpointed at 4435 and 4460, 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