FCPO
FCPO 3rd Month Futures - 16 Jan 2025
Thu, 16-Jan-2025 08:30 am
by Dealing Team • Apex Futures

FCPO
Pivot
4285
Resistance
4285 / 4307 / 4333 / 4360
Support
4262 / 4239 / 4218 / 4196
Possible Range
4220 to 4320
Strategy
Long positions may be opened above 4285 with targets 4307/4333 at stop-loss at 4265
Short positions may be opened below 4285 with targets at 4262/4239 stop-loss at 4305

FCPO Apr month contract dropped 69 points or 1.59% to closed lower at 4268. Malaysian crude palm oil futures ended lower on Wednesday, influenced by weakness in rival soyoil markets in Dalian and Chicago, along with a lack of fresh demand.

Overnight Soybean oil Mar Month rose 0.05 to close slightly higher at 46.27. Dalian’s active palm oil contract dropped 80 closed lower at 8518 on previous night session.

FCPO active traded contract switch to Apr from today onward. Tracking the mixed performance in rival oil market, the palm price could trade within a range in downside bias. In daily chart, the price opens lower on night session and broke down below the crucial support of 4285 to 4280, now serves as resistant range, the price currently hovering at the bottom of downward channel. If the price could break above the resistant line, we might see the further buying momentum, otherwise, selling likely to persist. The immediate support and resistance levels are pinpointed at 4262 and 4285, 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