FCPO
FCPO 3rd Month Futures - 4 Feb 2025
Tue, 04-Feb-2025 08:41 am
by Dealing Team • Apex Futures

FCPO
Pivot
4364
Resistance
4391 / 4415 / 4439 / 4465
Support
4364 / 4343 / 4319 / 4295
Possible Range
4320 to 4420
Strategy
Long positions may be opened above 4364 with targets 4391/4415 at stop-loss at 4344
Short positions may be opened below 4364 with targets at 4343/4319 stop-loss at 4384

FCPO Apr month contract rose 78 points or 1.82% to closed higher at 4367. Malaysian crude palm oil futures rose for the fifth straight session on Monday, boosted by stronger Chicago soyoil and higher crude oil prices.

Overnight soybean oil for the March contract rose 0.40 to closed higher at 46.51. The China commodities market remain closed in observance of Chinese New Year, with trading set to resume on February 5. 

Palm oil prices continue to hover within the downward channel on the daily chart, reaching the resistance level at 4410–4415 before pulling back. We maintain a neutral outlook for the current formation. Our strategy remains to buy on retracements, with support identified in the 4360–4365 range. A breakout above the resistance line could potentially drive prices toward 4440 or higher. Conversely, failure to break the resistance line may present selling opportunities, leading prices to trade back within the downward channel. Beware of any sentiment changes. The immediate support and resistance levels are pinpointed at 4364 and 4391, 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