FCPO
FCPO 3rd Month Futures - 3 January 2024
Wed, 03-Jan-2024 09:07 am
by Dealing Team • Apex Futures

FCPO
Pivot
3672
Resistance
3682 / 3691 / 3707 / 3722
Support
3657 / 3641 / 3632 / 3622
Possible Range
3600 to 3700
Strategy
Long positions may be opened above 3670 with targets at 3707/3722 stop-loss at 3640
Short positions may be opened below 3670 with targets at 3641/3622 stop-loss at 3700

FCPO Mar month fell 61 points or 1.64% to 3660 closed lower. Malaysian palm oil futures declined on Tuesday to a more than two-week low, weighed down by lacklustre export data and demand, as well as weakness in soybean prices on the back of ample supply.

Overnight Soybean oil Mar Month rose 0.11 to 48.29. Soybean futures slid to their lowest level since June on the first trading day of the year, after rains hit dry areas of Brazil and forecasts called for more showers. Dalian's most active palm oil contract fell 90 to 6988.

Following the mixed performance of soybean oil and dalian oil, the FCPO could trade within the range. A break below 3653 (yesterday's low) would target 3641/3632 en route to 3622. On the flip side, the next resistance is located at 3672 (Pivot), followed by 3682 (R1), and finally 3703 (Yesterday’s high).

(News Source: Reuters)

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Market Mover
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