FCPO
FCPO 3rd Month Futures - 31 Jan 2025
Fri, 31-Jan-2025 08:37 am
by Dealing Team • Apex Futures

FCPO
Pivot
4252
Resistance
4279 / 4305 / 4330 / 4355
Support
4252 / 4228 / 4207 / 4185
Possible Range
4240 to 4340
Strategy
Long positions may be opened above 4252 with targets 4279/4305 at stop-loss at 4232
Short positions may be opened below 4252 with targets at 4228/4207 stop-loss at 4272

FCPO Feb month contract rose 61 points or 1.45% to close higher at 4279. Malaysian palm oil futures closed higher on Tuesday, recovering from earlier losses. However, the gains were limited by weak demand from major markets, uncertainty surrounding Indonesia's export rates, and a slight increase in domestic production.

Overnight Soybean oil Mar Month rose 0.01 to close slightly higher at 44.98. 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 reaching the top of sideway consolidation at 4280 to 4285, after supported above the middle of the range at 4200 to 4205, while bottom see at 4130 to 4125. The palm price potentially trading further higher of breaking above the top of the sideway range, we reckon buy on retracement for short term trade. If the top range resisted, we might see the price continue trading within the sideway. Beware of any sentiment changes. The immediate support and resistance levels are pinpointed at 4252 and 4279, respectively.

(News Source: Reuters)

Read more details in:

Disclaimer

The report is for internal and private circulation only and shall not be reproduced either in part or otherwise without the prior written consent of Apex Securities Berhad. The opinions and information contained herein are based on available data believed to be reliable. It is not to be construed as an offer, invitation or solicitation to buy or sell the securities covered by this report.

Opinions, estimates and projections in this report constitute the current judgment of the author. They do not necessarily reflect the opinion of Apex Securities Berhad and are subject to change without notice. Apex Securities Berhad has no obligation to update, modify or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.

Apex Securities Berhad does not warrant the accuracy of anything stated herein in any manner whatsoever and no reliance upon such statement by anyone shall give rise to any claim whatsoever against Apex Securities Berhad. Apex Securities Berhad may from time to time have an interest in the company mentioned by this report. This report may not be reproduced, copied or circulated without the prior written approval of Apex Securities Berhad.

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