FCPO
FCPO 3rd Month Futures - 23 Apr 2025
Wed, 23-Apr-2025 08:27 am
by Dealing Team • Apex Futures

FCPO
Pivot
3932
Resistance
3960 / 3986 / 4012 / 4040
Support
3932 / 3906 / 3880 / 3861
Possible Range
3920 to 4020
Strategy
Long positions may be opened above 3932 with targets at 3960/3986 stop-loss at 3912
Short positions may be opened below 3932 with targets at 3906/3880 stop-loss at 3952

FCPO Jul month rose 56 points or 1.43% to closed higher at 3966. Malaysian crude palm oil futures rebounded on Tuesday after six straight sessions of losses, driven by bargain hunting. However, gains were capped by a stronger ringgit and ongoing economic uncertainty.

CBOT soybean oil Jul month declined 0.28 to closed lower at 48.03. Dalian’s active palm oil contract rose 46 points to close higher at 8102 in yesterday’s night session.

The actively traded FCPO contract remains in a downward momentum on the broader daily chart. On the hourly chart, prices are moving within a minor descending channel. After a technical rebound in the previous session, the price tested the resistance zone at 3970–3965 before pulling back, indicating a continuation of the downtrend. Immediate support is seen at 3935–3930. A break below this level could lead to further downside toward 3880–3875. However, if the support holds, buying momentum may resume. A break above the immediate resistance at 3965–3960 could lift prices toward the next resistance zone at 3985–3980. Beware of any potential sentiment changes. The immediate support and resistance levels are pinpointed at 3932 and 3960, respectively.

(News Source: Reuters)

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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.061877 4.094367
EUR 4.778623 4.788197
CNY 0.579532 0.580122
HKD 0.522115 0.526303
SGD 3.147144 3.172563