FCPO
FCPO 3rd Month Futures - 22 December 2023
Tue, 26-Dec-2023 09:34 am
by Dealing Team • Apex Futures

FCPO
Pivot
3762
Resistance
3780 / 3798 / 3827 / 3856
Support
3733 / 3704 / 3686 / 3668
Possible Range
3600 to 3900
Strategy
Long positions may be opened above 3790 with targets at 3798/3827 stop-loss at 3770
Short positions may be opened below 3760 with targets at 3707/3686 stop-loss at 3780

FCPO Mar month fell 37 points or 0.98% to 3741 closed lower. Malaysian palm oil futures settled lower on Thursday because investors booked profits after five straight sessions of gains, and lower overseas demand for the cooking oil also weighed on the market.

Overnight Soybean oil Mar Month fell 1.43 to 49.33. Soybean futures turned lower with new rainfall arriving in dry Brazilian growing areas expected to ease stress on those crops. Dalian's most active palm oil contract fell 130 to 7048.

Following the bearish performance of soybean oil and dalian oil, the FCPO could trade lower. A break below 3725 (yesterday's low) would target 3704/3686 en route to 3668. On the flip side, the next resistance is located at 3762 (Pivot), followed by 3780 (R1), and finally 3819 (Yesterday’s high).

(News Source: Reuters)

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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.471088 4.501214
EUR 4.716896 4.721211
CNY 0.617809 0.618311
HKD 0.574231 0.578627
SGD 3.318606 3.341159