FCPO
FCPO 3rd Month Futures (PM) - 3 Feb 2025
Mon, 03-Feb-2025 02:30 pm
by Dealing Team • Apex Futures

FCPO
Pivot
4342
Resistance
4365 / 4388 / 4412 / 4435
Support
4342 / 4319 / 4294 / 4274
Possible Range
4315 to 4415
Strategy
Long positions may be opened above 4365 with targets 4388/4412 at stop-loss at 4345
Short positions may be opened below 4365 with targets at 4342/4319 stop-loss at 4385

FCPO Apr month rose 63 points or 1.47% to closed higher at 4352 on midday session. Malaysian crude palm oil futures opened higher for the fifth straight session on Monday, bolstered by stronger Chicago soyoil prices and a weaker ringgit. However, gains were limited by a decline in January exports.

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 supported above 4315 to 4310, and further up. previously is the minor double top. now serve as support range. While new support see at 4340 to 4345, we reckon retrace buy plan, If the price could supported and further break above resistant area 4365 to 4360, we anticipate it may reach the resistant line of the downward channel at 4400 to 4410. Beware of any sentiment changes. The immediate support and resistance levels are identified at 4342 and 4365, respectively. 

(News Source: Reuters)

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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.230449 4.259942
EUR 4.928205 4.933258
CNY 0.590753 0.591344
HKD 0.538846 0.542613
SGD 3.292218 3.315417