FCPO
FCPO 3rd Month Futures - 27 Jan 2025
Mon, 27-Jan-2025 08:31 am
by Dealing Team • Apex Futures

FCPO
Pivot
4204
Resistance
4230 / 4251 / 4276 / 4302
Support
4204 / 4180 / 4154 / 4128
Possible Range
4180 to 4280
Strategy
Long positions may be opened above 4204 with targets 4230/4251 at stop-loss at 4184
Short positions may be opened below 4204 with targets at 4180/4154 stop-loss at 4224

FCPO Apr month contract rose 26 points or 0.62% to closed higher at 4216. Malaysian crude palm oil futures rebounded on Friday, closing higher and securing a slight weekly gain following data from the Malaysian Palm Oil Association that revealed a drop in production.

Overnight soybean oil for the March contract rose 0.18 to closed higher at 45.22. Dalian’s active palm oil contract rose 44 closed higher at 8324 on previous night session.

The palm price likely to remain hovering at the bottom area of the downward channel in daily chart, the bigger pictures remain bearish. While in hourly chart the price trading within a sideway consolidation, top of the range at 4275 to 4280, while bottom at 4130 to 4125, latest above the middle of the range 4200 to 4205, if the middle of the range remain supported, we might see further technical buying, otherwise, selling may persist. On the buy side, if breaking above 4250 range likely reaching the top of the sideway range. Beware of any sentiment changes. The immediate support and resistance levels are pinpointed at 4204 and 4230, 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