FCPO
FCPO 3rd Month Futures - 19 December 2023
Tue, 26-Dec-2023 09:19 am
by Dealing Team • Apex Futures

FCPO
Pivot
3735
Resistance
3759 / 3782 / 3801 / 3820
Support
3716 / 3697 / 3674 / 3650
Possible Range
3600 to 3900
Strategy
Long positions may be opened above 3750 with targets at 3782/3801 stop-loss at 3730
Short positions may be opened below 3730 with targets at 3716/3697 stop-loss at 3750

FCPO Mar month rose 34 points or 0.92% to 3745 closed higher. Malaysian palm oil futures settled higher on Monday as falling inventories and concerns over output due to dry weather conditions pushed up prices.

Overnight Soybean oil Mar Month rose 0.59 to 50.74. Soybean futures ended higher on Monday on good U.S. export demand and after Argentina's new government said it would raise export taxes on soymeal and soyoil in the world's supplier of the soy products. Dalian's most active palm oil contract rose 106 to 7174.

Following the bullish performance of soybean oil and dalian oil, the FCPO could trade higher. A break above 3772 (yesterday's high) would target 3801/3820 en route to 3862. On the flip side, the next support is located at 3735 (Pivot), followed by 3716 (S1), and finally 3687 (Yesterday’s low).

(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