FCPO
FCPO 3rd Month Futures - 24 Apr 2025
Thu, 24-Apr-2025 08:30 am
by Dealing Team • Apex Futures

FCPO
Pivot
4009
Resistance
5054 / 4078 / 4102 / 4124
Support
4030 / 4009 / 3987 / 3963
Possible Range
4000 to 4100
Strategy
Long positions may be opened above 4054 with targets at 4078/4102 stop-loss at 4034
Short positions may be opened below 4054 with targets at 4030/4009 stop-loss at 4074

FCPO Jul month rose 71 points or 1.79% to closed higher at 4024. Malaysian crude palm oil futures ended higher on Wednesday, lifted by bargain buying and stronger sentiment in the broader edible oils market.

CBOT soybean oil Jul month rose 0.31 to closed higher at 48.34. Dalian’s active palm oil contract rose 68 points to close higher at 8218 in yesterday’s night session.

The actively traded FCPO contract remains in a broader downtrend on the daily chart, but is currently showing signs of upward momentum driven by technical buying. On the hourly chart, the price recently broke above the resistance line of a minor descending channel and continued trending higher. We maintain a buy-on-retracement outlook, with key resistance seen at the 4050–4055 zone. A breakout above this level could potentially lead to a further rise toward 4080 or even the 4100 range. However, failure to break above may result in sideways movement, with crucial support seen around the 4000 level. Beware of any potential sentiment changes. The immediate support and resistance levels are pinpointed at 4030 and 4054, 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