FCPO
FCPO 3rd Month Futures - 8 January 2024
Mon, 08-Jan-2024 08:59 am
by Dealing Team • Apex Futures

FCPO
Pivot
3672
Resistance
3685 / 3698 / 3707 / 3715
Support
3664 / 3655 / 3642 / 3629
Possible Range
3600 to 3700
Strategy
Long positions may be opened above 3670 with targets at 3698/3715 stop-loss at 3640
Short positions may be opened below 3670 with targets at 3655/3629 stop-loss at 3700

FCPO Mar month rose 25 points or 0.68% to 3682 closed higher. Malaysian palm oil futures rose for a second consecutive session on Friday as investors assessed the prospects of production cuts in Malaysia.

Overnight Soybean oil Mar Month fell 0.53 to 47.63. Soybean futures crumbled to their lowest prices since June on Friday and declined for a third consecutive week as much-needed rains hit dry growing areas in Brazil. Dalian's most active palm oil contract rose 50 to 7056.

Following the mixed performance of soybean oil and dalian oil, the FCPO could trade within the range. A break above 3688 (yesterday's high) would target 3698/3707 en route to 3715. On the flip side, the next support is located at 3672 (Pivot), followed by 3664 (S1), and finally 3645 (Yesterday’s low).

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 3688(昨天高点)后,目标将是 3698/3707,并最终到达 3715。另一方面,下一个支撑位位于 3672(支撑点),然后是 3664(S1),最后是 3645(昨天低点)。

做多策略:可在3670上方做多,目标价 3698/3715, 止损位3640

做空策略:可在3670下方做空,目标价 3655/3629, 止损位3700

(News Source: Reuters)

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