FCPO
FCPO 3rd Month Futures - 13 Feb 2025
Thu, 13-Feb-2025 08:37 am
by Dealing Team • Apex Futures

FCPO
Pivot
4647
Resistance
4670 / 4693 / 4715 / 4740
Support
4647 / 4622 / 4600 / 4575
Possible Range
4600 to 4700
Strategy
Long positions may be opened above 4670 with targets 4693/4715 at stop-loss at 4650
Short positions may be opened below 4670 with targets at 4647/4622 stop-loss at 4690

FCPO Apr month contract dropped 28 points or 0.61% to closed lower at 4621. Malaysian crude palm oil futures closed higher for the fifth consecutive session on Wednesday, supported by a favorable U.S. report on global agricultural supply and demand estimates, along with stronger Dalian palm olein.

Overnight soybean oil for the May contract dropped 0.48 to closed lower at 46.13. Dalian’s active palm oil contract dropped 14 points to close lower at 9128 on previous night session.

The actively traded FCPO contract in the previous session broke above the 4,645–4,650 resistance range, reaching a high of 4,704 before pulling back and hovering around the former resistance, which now acts as support. We anticipate a consolidation phase before the market takes its next direction. On the hourly chart, selling pressure emerged after the price neared the 4,700 range, with a rebound attempt facing resistance at 4,670–4,675. A breakout above this level could lead to further upside, while failure to break may result in a downward move. Stay alert to potential sentiment changes. The immediate support and resistance levels are pinpointed at 4647 and 4670, 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