FCPO
FCPO 3rd Month Futures - 20 Jan 2025
Mon, 20-Jan-2025 08:31 am
by Dealing Team • Apex Futures

FCPO
Pivot
4170
Resistance
4195 / 4216 / 4240 / 4265
Support
4170 / 4148 / 4125 / 4106
Possible Range
4160 to 4260
Strategy
Long positions may be opened above 4170 with targets 4195/4216 at stop-loss at 4150
Short positions may be opened below 4170 with targets at 4148/4125 stop-loss at 4190

FCPO Apr month contract rose 4 points or 0.1% to closed slightly higher at 4190. Malaysian crude palm oil futures recorded a weekly decline, even as they closed higher on Friday, weighed down by weak demand from India, the largest buyer, and losses in Dalian vegetable oil markets.

Overnight Soybean oil Mar Month rose 0.66 to close higher at 45.69. Dalian’s active palm oil contract rose 16 closed higher at 8338 on previous night session.

Tracking the bullish performance in rival oil market, the palm price likely to trading in positive momentum on technical buying but with limited upside. In daily chart, the price currently trading above the support line of downward channel 4155 to 4160 and further higher to another new support range at 4175 to 4170, forming a higher low indicating the potential of upside bias trading. Resistant see at 4195 to 4200, breaking above this range could see further higher, potentially reach 4215 to 4220 range again. The immediate support and resistance levels are pinpointed at 4170 and 4195, 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