FCPO
FCPO 3rd Month Futures - 23 Jan 2025
Thu, 23-Jan-2025 08:25 am
by Dealing Team • Apex Futures

FCPO
Pivot
4218
Resistance
4195 / 4218 / 4241 / 4263
Support
4173 / 4149 / 4127 / 4106
Possible Range
4100 to 4200
Strategy
Long positions may be opened above 4195 with targets 4218/4241 at stop-loss at 4175
Short positions may be opened below 4195 with targets at 4173/4149 stop-loss at 4215

FCPO Apr month contract dropped 52 points or 1.22% to closed lower at 4208. Malaysian crude palm oil futures ended a three-day winning streak on Wednesday, pressured by weak export demand reflected in cargo surveyor data and the strengthening of the ringgit.

Overnight soybean oil for the March contract dropped 1.35 to closed lower at 44.42. Dalian’s active palm oil contract dropped 82 closed lower at 8350 on previous night session.

Tracking the bearish performance in rival oil market, the palm price likely to remain hovering at the bottom of the downward channel. Bigger pictures still see rebound sell, we spot support area at 4170 to 4165, breaking below could see further downside, sustain above could see buying opportunity. Crucial resistant see at 4215 to 4220 range, likely the highest rebound range. immediate support and resistance levels are pinpointed at 4173 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