FCPO
FCPO 3rd Month Futures - 21 Jan 2025
Tue, 21-Jan-2025 08:37 am
by Dealing Team • Apex Futures

FCPO
Pivot
4212
Resistance
4212 / 4233 / 4256 / 4280
Support
4185 / 4164 / 4140 / 4116
Possible Range
4160 to 4260
Strategy
Long positions may be opened above 4185 with targets 4212/4233 at stop-loss at 4165
Short positions may be opened below 4185 with targets at 4164/4140 stop-loss at 4205

FCPO Apr month contract rose 16 points or 0.38% to closed higher at 4206. Malaysian crude palm oil futures advanced for a second consecutive session on Monday, driven by strength in Dalian vegetable oils and bargain buying. However, weak palm oil exports during the January 1-20 period capped the gains.

Overnight soybean oil for the March contract gained 0.66, closing higher at 45.69 during Friday's session. The market was closed yesterday and has resumed trading today. Dalian’s active palm oil contract rose 30 closed higher at 8426 on previous night session.

Tracking the bullish performance in rival oil market, the palm price likely to remain hovering at the bottom of the downward channel. Bigger pictures still see the opportunity for rebound sell, however short term we might see technical buying. Closer support level sees at 4280 to 4185, if breaking below the price could go further lower, otherwise may provide buying opportunity. The immediate support and resistance levels are pinpointed at 4185 and 4212, 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