FCPO
FCPO 3rd Month Futures - 23 May 2025
Fri, 23-May-2025 09:02 am
by Dealing Team • Apex Futures

FCPO
Pivot
3844
Resistance
3867 / 3889 / 3910 / 3935
Support
3844 / 3822 / 3798 / 3772
Possible Range
3810 to 3910
Strategy
Long positions may be opened above 3867 with targets at 3889/3910 stop-loss at 3847
Short positions may be opened below 3867 with targets at 3844/3822 stop-loss at 3887

FCPO Aug month dropped 74 points or 1.90% to closed lower at 3820. Malaysian palm oil futures fell for a second straight session on Thursday, pressured by weaker soyoil prices and growing concerns about increasing production in the coming weeks.

CBOT soybean oil Jul month dropped 0.72 points to close lower at 49.11 on Thursday. Dalian’s active palm oil contract rose 14 points to close higher at 8046 on previous night session.

The actively traded FCPO contract closed sharply lower in the previous session and continues to trade within a downward channel on the broader timeframe. On the hourly chart, prices found support around the 3800–3805 range and have since rebounded, forming a potential double bottom. Resistance is now seen at the 3865–3870 range. A breakout above this level could trigger further technical buying toward the 3889 or even 3910 levels. However, if the price fails to breach the resistance, selling pressure may resume, potentially pushing prices back toward the 3800 support zone. Beware of any potential sentiment changes. The immediate support and resistance levels are pinpointed at 3844 and 3867, respectively.

(News Source: Reuters)

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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.060398 4.090876
EUR 4.772014 4.774503
CNY 0.579057 0.579372
HKD 0.522130 0.525548
SGD 3.142987 3.163685