FCPO
FCPO 3rd Month Futures (PM) - 17 Feb 2025
Mon, 17-Feb-2025 02:26 pm
by Dealing Team • Apex Futures

FCPO
Pivot
4480
Resistance
4503 / 4526 / 4549 / 4570
Support
4480 / 4457 / 4434 / 4408
Possible Range
4450 to 4550
Strategy
Long positions may be opened above 4503 with targets 4526/4549 at stop-loss at 4483
Short positions may be opened below 4503 with targets at 4480/4457 stop-loss at 4523

FCPO May month dropped 14 points or 0.31% to closed lower at 4485 on midday session. Malaysian crude palm oil futures declined on Monday, weighed down by weaker Dalian oils, lower crude oil prices, and a downward revision in the export forecast for the first two weeks of February.

The actively traded FCPO contract remains in a wide sideways consolidation range with a downside bias on the daily chart. In the early session, the price dipped to a low of 4457 before recovering. It has formed a downward channel, with the latest price hovering around the support zone at 4480-4485. If this support holds, palm oil prices could move higher, potentially reaching the 4500-4505 range, with a breakout triggering further buying towards 4525-4530. However, if the support fails, selling pressure may push prices toward the crucial support level at 4435-4430. The immediate support and resistance levels are identified at 4480 and 4503, 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