FCPO
FCPO 3rd Month Futures - 6 Feb 2025
Thu, 06-Feb-2025 08:38 am
by Dealing Team • Apex Futures

FCPO
Pivot
4331
Resistance
4331 / 4353 / 4375 / 4397
Support
4310 / 4285 / 4262 / 4238
Possible Range
4270 to 4380
Strategy
Long positions may be opened above 4310 with targets 4331/4353 at stop-loss at 4290
Short positions may be opened below 4310 with targets at 4285/4262 stop-loss at 4330

FCPO Apr month contract rose 26 points or 0.60% to closed higher at 4334. Malaysian crude palm oil futures closed higher on Wednesday, supported by gains in rival Dalian edible oils, as traders remained hopeful about a potential rebound in palm oil demand from India.

Overnight soybean oil for the March contract dropped 0.67 to closed lower at 45.09. Dalian’s active palm oil contract dropped 8 points to close slightly lower at 8568 on previous night session.

The FCPO active contract remains within a downward channel on the daily chart, with major resistance at 4410–4415. The broader trend remains bearish unless the price breaks above this key resistance line. On the hourly chart, the price is trading above the upper range of the previous sideways consolidation at 4275–4280, showing signs of support. A new support zone is identified at 4310–4305, offering a potential short-term buying opportunity if this level holds. However, if the support fails, the price may decline back to the 4275–4280 range. The immediate support and resistance levels are pinpointed at 4310 and 4331, 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