FCPO
FCPO 3rd Month Futures - 28 December 2023
Thu, 28-Dec-2023 08:51 am
by Dealing Team • Apex Futures

FCPO
Pivot
3773
Resistance
3782 / 3791 / 3802 / 3812
Support
3763 / 3752 / 3743 / 3734
Possible Range
3700 to 3800
Strategy
Long positions may be opened above 3770 with targets at 3791/3812 stop-loss at 3740
Short positions may be opened below 3770 with targets at 3752/3734 stop-loss at 3800

FCPO Mar month rose 7 points or 0.19% to 3770 closed higher. Malaysian palm oil futures rose for a second session on Wednesday, with strength in rival edible oils underpinning the market, although low trading volumes capped the gains.

Overnight Soybean oil Mar Month rose 0.15 to 48.66. Soybean futures moved lower on Wednesday as traders assessed a rainy forecast in South America, after drought has exacerbated concerns over crop yield in top soy and corn exporter Brazil. Dalian's most active palm oil contract fell 14 to 7236.

Following the mixed performance of soybean oil and dalian oil, the FCPO could trade wihtin the range. A break below 3755 (yesterday's low) would target 3743/3734 en route to 3715. On the flip side, the next resistance is located at 3773 (Pivot), followed by 3782 (R1), and finally 3794 (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