FCPO
FCPO 3rd Month Futures - 17 Feb 2025
Mon, 17-Feb-2025 08:43 am
by Dealing Team • Apex Futures

FCPO
Pivot
4491
Resistance
4517 / 4541 / 4563 / 4587
Support
4491 / 4468 / 4446 / 4420
Possible Range
4445 to 4545
Strategy
Long positions may be opened above 4491 with targets 4517/4541 at stop-loss at 4471
Short positions may be opened below 4491 with targets at 4468/4446 stop-loss at 4511

FCPO May month contract rose 42 points or 0.94% to closed higher at 4499. Malaysian crude palm oil futures closed higher on Friday, marking their fourth consecutive weekly gain, driven by lower stock levels despite concerns over demand and uncertainties regarding Indonesia's biodiesel mandate.

Overnight soybean oil for the May contract dropped 0.18 to closed lower at 46.07. Dalian’s active palm oil contract rose 56 points to close higher at 9068 on previous night session.

The actively traded FCPO contract has shifted to the May contract starting today. On the daily chart, the contract remains in a wide sideways consolidation range with a downside bias, struggling to break above the 4645-4650 resistance zone and form lower high. Meanwhile, the hourly chart shows prices consolidating within an upward channel. Key support is seen at 4490-4485; if this level holds, buying opportunities may emerge. However, if support fails, selling pressure could extend towards the 4465 range. Stay alert to potential sentiment changes. The immediate support and resistance levels are pinpointed at 4491 and 4517, respectively.

(News Source: Reuters)

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Market Mover
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