FCPO
FCPO 3rd Month Futures - 24 Jan 2025
Fri, 24-Jan-2025 08:23 am
by Dealing Team • Apex Futures

FCPO
Pivot
4197
Resistance
4221 / 4245 / 4266 / 4287
Support
4197 / 4171 / 4149 / 4127
Possible Range
4185 to 4285
Strategy
Long positions may be opened above 4197 with targets 4221/4245 at stop-loss at 4177
Short positions may be opened below 4197 with targets at 4171/4149 stop-loss at 4217

FCPO Apr month contract dropped 18 points or 0.43% to closed lower at 4190. Malaysian crude palm oil futures declined for the second consecutive session on Thursday, pressured by weakness in competing vegetable oils.

Overnight soybean oil for the March contract rose 0.66 to closed higher at 45.04. Dalian’s active palm oil contract rose 12 closed higher at 8326 on previous night session.

Tracking the bullish performance in rival oil market, the palm price likely to remain hovering at the bottom area of the downward channel. Bigger pictures still see rebound sell, however the recent movement in hourly chart forming double bottom at the range of 4125 to 4130, which is also the bottom of sideway consolidation. We see the new support range at 4195 to 4200, middle of the sideway range, if supported firmly and breaking above the next resistant at 4220 to 4225, potentially reaching the top of the range at 4285 to 4280. Beware of any sentiment changes. The immediate support and resistance levels are pinpointed at 4197 and 4221, 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