FCPO
FCPO 3rd Month Futures - 17 Jan 2025
Fri, 17-Jan-2025 08:40 am
by Dealing Team • Apex Futures

FCPO
Pivot
4132
Resistance
4107 / 4132 / 4156 / 4178
Support
4082 / 4061 / 4037 / 4016
Possible Range
4060 to 4160
Strategy
Long positions may be opened above 4107 with targets 4132/4156 at stop-loss at 4087
Short positions may be opened below 4107 with targets at 4082/4061 stop-loss at 4127

FCPO Apr month contract dropped 82 points or 1.92% to closed lower at 4186. Malaysian crude palm oil futures declined for the third consecutive session on Thursday, closing at their lowest level in over three months due to weak performance in competing vegetable oils and subdued demand.

Overnight Soybean oil Mar Month dropped 1.24 to close lower at 45.03. Dalian’s active palm oil contract dropped 134 closed lower at 8290 on previous night session.

Tracking the bearish performance in rival oil market, the palm price could remain trading in downward bias. In daily chart, the price broke down another crucial support at 4200, currently trading below the support line of downward channel 4165 to 4170 after consolidating for a while, we remain our view that rebound sell he main plan. New support line sees at 4080 to 4085, if breaking below the range, we might see further lower, if supported we might see technical buying to coming in. The immediate support and resistance levels are pinpointed at 4082 and 4107, 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