FCPO
FCPO 3rd Month Futures - 5 Feb 2025
Wed, 05-Feb-2025 08:37 am
by Dealing Team • Apex Futures

FCPO
Pivot
4322
Resistance
4349 / 4375 / 4396 / 4417
Support
4322 / 4295 / 4272 / 4251
Possible Range
4280 to 4380
Strategy
Long positions may be opened above 4322 with targets 4349/4375 at stop-loss at 4302
Short positions may be opened below 4322 with targets at 4295/4272 stop-loss at 4342

FCPO Apr month contract dropped 59 points or 1.35% to closed lower at 4308. Malaysian crude palm oil futures edged lower on Tuesday, snapping a five-session winning streak, as Chicago soyoil prices dropped following news of the U.S. delaying import tariffs on Mexico and Canada.

Overnight soybean oil for the March contract dropped 0.75 to closed lower at 45.76. The Chinese commodities markets are open today.

The FCPO active contract remains within a downward channel on the daily chart, with the price touching the resistance line at 4410-4415 before pulling back, maintaining a bearish bias unless the resistance is decisively broken. However, on the hourly chart, the price is trading above the former sideways range at 4275-4280, which now serves as crucial support for the uptrend established since January 28. New support is seen at 4320-4325 and we recommend a buy-on-retracement approach for short-term trades, anticipating further upside toward the resistance zone at 4370-4375. Beware of any sentiment changes. The immediate support and resistance levels are pinpointed at 4322 and 4349, 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