FCPO
FCPO 3rd Month Futures - 14 December 2023
Thu, 14-Dec-2023 08:56 am
by Dealing Team • Apex Futures

FCPO
Pivot
3692
Resistance
3705 / 3718 / 3742 / 3765
Support
3669 / 3645 / 3632 / 3619
Possible Range
3600 to 3900
Strategy
Long positions may be opened above 3720 with targets at 3742/3765 stop-loss at 3700
Short positions may be opened below 3690 with targets at 3645/3619 stop-loss at 3710

FCPO Feb month fell 65 points or 0.03% to 3670 closed lower. Malaysian palm oil futures on Wednesday recorded their steepest single-day drop in seven weeks due to slowing exports and concerns about biodiesel demand following a slump in crude oil prices, and tracking weakness in rival soyoil.

Overnight Soybean oil Jan Month fell 0.59 to 49.83. Soybean futures sank for a second consecutive session on Wednesday as the prospect of rain in Brazil eased worries about drought damaging harvest prospects in the world's top exporter. Dalian's most active palm oil contract fell 28 to 7096.

Following the bearish performance of soybean oil and dalian oil, the FCPO could trade lower. A break below 3667 (yesterday's low) would target 3645/3632 en route to 3619. On the flip side, the next resistance is located at 3692 (Pivot), followed by 3705 (R1), and finally 3740 (Yesterday’s high).

(News Source: Reuters)

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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.226942 4.260444
EUR 4.723982 4.728876
CNY 0.598324 0.598990
HKD 0.542537 0.546362
SGD 3.269503 3.292710