FCPO
FCPO 3rd Month Futures - 13 December 2023
Wed, 13-Dec-2023 08:59 am
by Dealing Team • Apex Futures

FCPO
Pivot
3744
Resistance
3761 / 3777 / 3798 / 3819
Support
3723 / 3702 / 3686 / 3669
Possible Range
3600 to 3900
Strategy
Long positions may be opened above 3760 with targets at 3777/3798 stop-loss at 3740
Short positions may be opened below 3740 with targets at 3723/3702 stop-loss at 3760

FCPO Feb month fell 6 points or 0.03% to 3735 closed lower. Malaysian palm oil futures gave up opening gains on Tuesday to trade lower on slowing exports, with the market eagerly awaiting inventory data for the end of November.

Overnight Soybean oil Jan Month fell 0.69 to 50.42. Soybean futures backpedaled on Tuesday after reaching their highest price in December as traders assessed risks from unfavorable crop weather in Brazil. Dalian's most active palm oil contract fell 94 to 7110.

Following the bearish performance of soybean oil and dalian oil, the FCPO could trade lower. A break below 3711 (yesterday's low) would target 3702/3686 en route to 3669. On the flip side, the next resistance is located at 3744 (Pivot), followed by 3761 (R1), and finally 3786 (Yesterday’s high).

(News Source: Reuters)

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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.449296 4.484012
EUR 4.692599 4.701308
CNY 0.615732 0.616932
HKD 0.571606 0.576092
SGD 3.310067 3.336427