FCPO
FCPO 3rd Month Futures - 4 January 2024
Thu, 04-Jan-2024 08:52 am
by Dealing Team • Apex Futures

FCPO
Pivot
3635
Resistance
3649 / 3662 / 3683 / 3704
Support
3614 / 3593 / 3580 / 3566
Possible Range
3600 to 3700
Strategy
Long positions may be opened above 3640 with targets at 3662/3683 stop-loss at 3610
Short positions may be opened below 3640 with targets at 3593/3580 stop-loss at 3670

FCPO Mar month fell 39 points or 1.07% to 3621 closed lower. Malaysian palm oil futures fell for the fourth consecutive session on Wednesday to hit a two-month low, weighed down by soft demand and weakness in soybean prices, although data showing robust imports to India limited the losses.

Overnight Soybean oil Mar Month rose 0.31 to 48.60. Soybean futures ended firmer on Wednesday, as the market recovered after favorable rains in Brazilian crop areas sent the market to its lowest levels since June. Dalian's most active palm oil contract fell 36 to 6962.

Following the mixed performance of soybean oil and dalian oil, the FCPO could trade within the range. A break above 3676 (yesterday's high) would target 3683/3704 en route to 3738. On the flip side, the next support is located at 3614 (S1), followed by 3607 (Yesterday’s low), and finally 3580 (S2).

FCPO: 继豆油和大连油涨跌互现后,FCPO 可能会在区间内交易。突破3676(昨日高点)后,目标位为3683/3704,并最终升至3738。另一方面,下一个支撑位位于3614(S1),随后是3607(昨日低点),最后是3580(S2)。

做多策略:可在3640上方做多,目标价 3662/3683, 止损位3610
做空策略:可在3640下方做空,目标价 3593/3580, 止损位3670

(News Source: Reuters)

Read more details in:

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 4.389719 4.419319
EUR 4.730753 4.734314
CNY 0.613618 0.614097
HKD 0.564733 0.568558
SGD 3.307640 3.330253