FCPO
FCPO 3rd Month Futures - 6 May 2025
Tue, 06-May-2025 08:38 am
by Dealing Team • Apex Futures

FCPO
Pivot
3809
Resistance
3809 / 3834 / 3855 / 3876
Support
3787 / 3762 / 3739 / 3715
Possible Range
3780 to 3880
Strategy
Long positions may be opened above 3809 with targets at 3834/3855 stop-loss at 3789
Short positions may be opened below 3809 with targets at 3787/3762 stop-loss at 3829

FCPO Jul month dropped 54 points or 1.39% to closed lower at 3827. Malaysian palm oil futures fell for a fifth consecutive session on Monday, weighed down by a firm ringgit along with weakness in Chicago soyoil and crude oil prices.

CBOT soybean oil Jul month dropped 0.70 to closed lower at 48.73. The Dalian market will resume trading today following the Labour Day holiday break.

The actively traded FCPO contract remains below the 4080–4085 zone, the former bottom of a sideways consolidation, and continues to trend within a downward channel. After breaking the previous support at 3865–3860, prices moved lower and recently touched the channel support around 3785–3790, prompting a minor recovery. We maintain a "sell on rebound" strategy as the main plan. However, a short-term technical rebound is possible, with immediate resistance seen at 3805–3810. A break above this may lead to further upside towards 3834, potentially reaching 3855. If the resistance holds, selling pressure is likely to resume. Beware of any potential sentiment changes. The immediate support and resistance levels are pinpointed at 3787 and 3809, 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