FCPO
FCPO 3rd Month Futures - 10 Feb 2025
Mon, 10-Feb-2025 08:45 am
by Dealing Team • Apex Futures

FCPO
Pivot
4480
Resistance
4525 / 4548 / 4575 / 4597
Support
4502 / 4480 / 4458 / 4436
Possible Range
4480 to 4580
Strategy
Long positions may be opened above 4525 with targets 4548/4575 at stop-loss at 4505
Short positions may be opened below 4525 with targets at 4502/4480 stop-loss at 4545

FCPO Apr month contract rose 101 points or 2.29% to closed higher at 4504. Malaysian crude palm oil futures ended higher on Friday, marking their third consecutive week of gains, driven by a weaker ringgit, expected Ramadan demand, and seasonal production drops.

Overnight soybean oil for the March contract rose 0.58 to closed higher at 45.98. Dalian’s active palm oil contract rose 124 points to close higher at 8916 on previous night session.

The FCPO active contract has broken above the resistance line of the downward channel at 4415-4420, which now serves as a major support level. The price recently tested the key resistance area at 4545-4550 before pulling back. While a short-term technical correction is likely, with the price potentially retreating to 4455-4460 and offering a buying opportunity, the broader trend suggests an upward continuation if the 4545-4550 resistance is decisively breached. Stay alert to potential sentiment changes. The immediate support and resistance levels are pinpointed at 4502 and 4525, 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