FCPO
FCPO 3rd Month Futures - 2 May 2025
Fri, 02-May-2025 08:49 am
by Dealing Team • Apex Futures

FCPO
Pivot
3913
Resistance
3913 / 3935 / 3956 / 3981
Support
3892 / 3867 / 3842 / 3818
Possible Range
3860 to 3960
Strategy
Long positions may be opened above 3913 with targets at 3935/3956 stop-loss at 3893
Short positions may be opened below 3913 with targets at 3892/3867 stop-loss at 3933

FCPO Jul month dropped 32 points or 0.81% to closed lower at 3911. Malaysian palm oil futures edged down on Tuesday for the second straight session, pressured by declines in rival edible oils and crude oil prices.

CBOT soybean oil Jul month rose 0.73 to closed higher at 49.70 on 1 May. Dalian’s active palm oil contract closed 14 point lower on previous session at 8148, the market will be closed from May 1–5 for the 2025 Labor Day holiday and will reopen on May 6.

The actively traded FCPO contract remains below the previous sideways range's lower boundary at 4080–4085, which now serves as key resistance. Unless the price breaks above this level, the market is likely to remain in a downside-biased mode. On the hourly chart, we maintain a "sell on rebound" stance, with resistance seen at 3915–3910. Price action appears to be forming a downward channel, eyeing the previous low at 3865–3860 as critical support. A break below this level may extend losses toward 3835 or even 3805.If 3865–3860 holds, a double bottom pattern may emerge, potentially triggering a technical rebound — though any upside is expected to be limited. Beware of any potential sentiment changes. The immediate support and resistance levels are pinpointed at 3892 and 3913, 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