FCPO
FCPO 3rd Month Futures - 29 May 2025
Thu, 29-May-2025 08:53 am
by Dealing Team • Apex Futures

FCPO
Pivot
3887
Resistance
3912 / 3934 / 3957 / 3980
Support
3887 / 3862 / 3837 / 3813
Possible Range
3840 to 3940
Strategy
Long positions may be opened above 3887 with targets at 3912/3934 stop-loss at 3867
Short positions may be opened below 3887 with targets at 3862/3837 stop-loss at 3907

FCPO Aug month rose 31 points or 0.80% to closed higher at 3899. Malaysian palm oil futures closed higher on Wednesday for the fourth consecutive session, driven by short-covering activity and additional support from gains in rival oils on the Dalian exchange.

The CBOT soyoil active traded contract dropped 0.64 on previous session. Dalian’s active palm oil contract dropped 4 points to close slightly lower at 8068 on previous night session.

The actively traded FCPO contract recently broke above the resistance line of the broader downward channel, previously located in the 3875–3880 range. This level now serves as a support zone, signaling the potential for continued upward movement.

On the hourly chart, the price is currently consolidating within a sideways range. We anticipate a possible technical correction with a slight downside bias following the recent strong buying momentum. The key support lies at the 3860–3865 range, which marks the midpoint of the current consolidation. Holding above this level may support the continuation of the buying strategy, while a failure to hold could trigger renewed selling pressure. Beware of any potential sentiment changes. The immediate support and resistance levels are pinpointed at 3887 and 3912, 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