FCPO
FCPO 3rd Month Futures - 19 January 2024
Fri, 19-Jan-2024 08:54 am
by Dealing Team • Apex Futures

FCPO
Pivot
3868
Resistance
3902 / 3935 / 3956 / 3976
Support
3848 / 3827 / 3794 / 3760
Possible Range
3800 to 3950
Strategy
Long positions may be opened above 3870 with targets at 3935/3956 stop-loss at 3840
Short positions may be opened below 3870 with targets at 3848/3827 stop-loss at 3900

FCPO Apr month rose 80 points or 2.10% to 3895 closed higher. Malaysian palm oil futures rose on Thursday to their highest closing in nearly two months, buoyed by robust demand from key buyer China and firmer crude oil prices.

Overnight Soybean oil Mar Month fell 0.08 to 47.62. Soybean futures dropped to their lowest level in more than two years on Thursday and corn futures set a three-year low before the markets turned higher on short covering and technical buying. Dalian's most active palm oil contract rose 74 to 7420.

Following the mixed performance of dalian oil and soybean oil, the FCPO could trade within the range. A break above 3908 (yesterday's high) would target 3935/3956 en route to 3976. On the flip side, the next support is located at 3868 (Pivot), followed by 3848 (S1), and finally 3800 (Yesterday’s low).

FCPO: 继大连豆油和豆油表现参差不齐后,FCPO 可能会在区间内交易。突破 3908(昨天高点)后,目标位为 3935/3956,并最终升至 3976。另一方面,下一个支撑位位于 3868(枢轴点),随后是 3848(S1),最后是 3800(昨天低点)。

做多策略:可在3870上方做多,目标价 3935/3956, 止损位3840
做空策略:可在3870下方做空,目标价 3848/3827, 止损位3900

(News Source: Reuters)

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Market Mover
Settlement Rates
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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