FCPO
FCPO 3rd Month Futures - 18 December 2023
Tue, 26-Dec-2023 09:14 am
by Dealing Team • Apex Futures

FCPO
Pivot
3715
Resistance
3731 / 3746 / 3764 / 3781
Support
3698 / 3680 / 3665 / 3649
Possible Range
3600 to 3900
Strategy
Long positions may be opened above 3720 with targets at 3746/3764 stop-loss at 3700
Short positions may be opened below 3700 with targets at 3680/3665 stop-loss at 3720

FCPO Mar month fell 1 points or 0.03% to 3711 closed lower. Malaysian palm oil futures fell for a fourth consecutive week, hurt by a slowdown in exports, although prices were largely supported on Friday by lower inventories in top producing countries.

Overnight Soybean oil Mar Month rose 0.44 to 50.15. Soybean futures finished higher in the nearby contract and lower in deferred months on Friday as traders waited to see whether beneficial rains will arrive in dry areas of Brazil as expected. Dalian's most active palm oil contract fell 112 to 7002.

Following the mixed performance of soybean oil and dalian oil, the FCPO could trade wihtin the range. A break below 3684 (yesterday's low) would target 3665/3649 en route to 3616. On the flip side, the next resistance is located at 3715 (Pivot), followed by 3731 (R1), and finally 3750 (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