FCPO
FCPO 3rd Month Futures - 20 December 2023
Tue, 26-Dec-2023 09:23 am
by Dealing Team • Apex Futures

FCPO
Pivot
3766
Resistance
3774 / 3782 / 3795 / 3808
Support
3753 / 3710 / 3732 / 3724
Possible Range
3600 to 3900
Strategy
Long positions may be opened above 3780 with targets at 3795/3808 stop-loss at 3760
Short positions may be opened below 3760 with targets at 3740/3724 stop-loss at 3780

FCPO Mar month rose 10 points or 0.27% to 3755 closed higher. Malaysian palm oil futures settled higher for a fourth straight session on Tuesday, fuelled by lower inventories and mounting concerns over dry weather conditions shrinking output in top producing countries.

Overnight Soybean oil Mar Month rose 0.10 to 50.84. Soybean futures turned lower on Tuesday, as weather forecasts called for Brazil's dry crop belts getting some much-needed rainfall in the coming days. Dalian's most active palm oil contract rose 2 to 7164.

Following the mixed performance of soybean oil and dalian oil, the FCPO could trade within the range. A break above 3793 (yesterday's high) would target 3808/3829 en route to 3850. On the flip side, the next support is located at 3751 (Yesterday’s low), followed by 3740 (S2), and finally 3724 (S3).

(News Source: Reuters)

Disclaimer

The report is for internal and private circulation only and shall not be reproduced either in part or otherwise without the prior written consent of Apex Securities Berhad. The opinions and information contained herein are based on available data believed to be reliable. It is not to be construed as an offer, invitation or solicitation to buy or sell the securities covered by this report.

Opinions, estimates and projections in this report constitute the current judgment of the author. They do not necessarily reflect the opinion of Apex Securities Berhad and are subject to change without notice. Apex Securities Berhad has no obligation to update, modify or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.

Apex Securities Berhad does not warrant the accuracy of anything stated herein in any manner whatsoever and no reliance upon such statement by anyone shall give rise to any claim whatsoever against Apex Securities Berhad. Apex Securities Berhad may from time to time have an interest in the company mentioned by this report. This report may not be reproduced, copied or circulated without the prior written approval of Apex Securities Berhad.

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