FCPO
FCPO 3rd Month Futures - 2 January 2024
Tue, 02-Jan-2024 09:19 am
by Dealing Team • Apex Futures

FCPO
Pivot
3717
Resistance
3738 / 3758 / 3777 / 3795
Support
3699 / 3680 / 3660 / 3639
Possible Range
3700 to 3800
Strategy
Long positions may be opened above 3720 with targets at 3777/3795 stop-loss at 3690
Short positions may be opened below 3720 with targets at 3699/3680 stop-loss at 3750

FCPO Mar month fell 18 points or 0.48% to 3721 closed lower. Malaysian palm oil futures staged a rebound and settled higher on Friday, although the benchmark contract logged a second consecutive annual loss.

Overnight Soybean oil Mar Month rose 0.20 to 48.18. Soybean futures fell as traders assessed a rainy forecast in South America that could be beneficial for drought-affected crop belts in Brazil. Dalian's most active palm oil contract fell 154 to 7086.

Following the mixed performance of soybean oil and dalian oil, the FCPO could trade within the range. A break above 3754 (yesterday's high) would target 3777/3795 en route to 3834. On the flip side, the next support is located at 3717 (Pivot), followed by 3699 (S1), and finally 3676 (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