FCPO
FCPO 3rd Month Futures - 28 Jan 2025
Tue, 28-Jan-2025 08:29 am
by Dealing Team • Apex Futures

FCPO
Pivot
4225
Resistance
4225 / 4251 / 4276 / 4302
Support
4204 / 4180 / 4154 / 4128
Possible Range
4190 to 4290
Strategy
Long positions may be opened above 4225 with targets 4251/4276 at stop-loss at 4205
Short positions may be opened below 4225 with targets at 4204/4180 stop-loss at 4245

FCPO Apr month contract rose 2 points or 0.05% to closed almost flat at 4218. Malaysian crude palm oil futures closed unchanged on Monday, as a decline in the Chicago soyoil contract and lower export forecasts were balanced by anticipated production declines.

Overnight soybean oil for the March contract dropped 0.22 to closed lower at 45.22. Dalian’s active palm oil contract rose 44 closed higher at 8324 on previous session. The China commodities market is closed for a week in observance of Chinese New Year, with trading set to resume on February 5. 

The palm price remains hovering at the bottom area of the downward channel in daily chart, the bigger pictures remain bearish. While in hourly chart the price trading in very tight range on previous session, and remain within a sideway consolidation, top of the range at 4275 to 4280, while bottom at 4130 to 4125, trading above the middle of the range 4200 to 4205, could remain buy plan, 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 4225, 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