FCPO
FCPO 3rd Month Futures - 20 Mar 2025
Thu, 20-Mar-2025 08:30 am
by Dealing Team • Apex Futures

FCPO
Pivot
4394
Resistance
4394 / 4419 / 4445 / 4469
Support
4366 / 4343 / 4319 / 4291
Possible Range
4330 to 4430
Strategy
Long positions may be opened above 4394 with targets at 4419/4445 stop-loss at 4374
Short positions may be opened below 4394 with targets at 4366/4343 stop-loss at 4414

FCPO Jun month contract rose 23 points or 0.53% to closed higher at 4389. Malaysian crude palm oil prices rose on Wednesday following Indonesia's reaffirmation of its plan to increase the palm oil export levy, though gains were limited by weaker production data in Malaysia.

Overnight soybean oil for the May contract dropped 0.18 to closed lower at 42.36. Dalian’s active palm oil contract dropped 78 points to close lower at 8990 on previous night session.

The actively traded FCPO contract remains in a wide-ranging sideways consolidation on the daily chart, staying below the key resistance zone of 4430-4425, reinforcing a downside bias. On the hourly chart, the price is forming a downward channel consolidation, recently touching the support line around the 4345-4340 area, where some technical buying is expected. Resistance is seen at 4420-4415, and if the gap is covered without further upside momentum, the price could turn downward. However, if resistance breaks, there is potential for further gains toward the 4445-4440 range. Beware of any potential sentiment changes. The immediate support and resistance levels are pinpointed at 4366 and 4394, respectively.

(News Source: Reuters)

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Market Mover
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