FCPO
FCPO 3rd Month Futures - 3 Feb 2025
Mon, 03-Feb-2025 08:33 am
by Dealing Team • Apex Futures

FCPO
Pivot
4286
Resistance
4313 / 4336 / 4358 / 4380
Support
4286 / 4265 / 4243 / 4222
Possible Range
4245 to 4345
Strategy
Long positions may be opened above 4313 with targets 4336/4358 at stop-loss at 4293
Short positions may be opened below 4313 with targets at 4286/4265 stop-loss at 4333

FCPO Apr month contract rose 10 points or 0.23% to closed higher at 4289. Malaysian crude palm oil futures recovered from early losses to close higher on Friday, marking a second consecutive weekly gain. The rise was driven by stronger Chicago soyoil prices and a weaker currency, which outweighed market concerns about Indonesia's export rates and potential U.S. tariff threats.

Overnight soybean oil for the March contract rose 1.13 to closed higher at 46.11. The China commodities market remain closed in observance of Chinese New Year, with trading set to resume on February 5. 

Palm oil prices remain within a downward channel on the daily chart, suggesting a neutral outlook as the market consolidates. On the hourly chart, prices have broken above a key resistance range at 4280–4285, which now serves as support. If this support holds, there is potential for prices to move toward 4350–4360. However, if the support range gives way, the market may face renewed selling pressure. Beware of any sentiment changes. The immediate support and resistance levels are pinpointed at 4286 and 4313, 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