FCPO
FCPO 3rd Month Futures - 8 May 2024
Wed, 08-May-2024 06:55 am
by Futures Dealing • Apex Futures

FCPO
Pivot
3908
Resistance
3933 / 3957 / 3970 / 3983
Support
3895 / 3882 / 3858 / 3833
Possible Range
3800 to 4000
Strategy
Long positions may be opened above 3910 with targets at 3957/3983 stop-loss at 3880
Short positions may be opened below 3910 with targets at 3895/3858 stop-loss at 3940

FCPO July month rose 68 points or 1.76% to 3930 closed higher. Malaysian palm oil futures rose for a second session to close at a more-than-one-week high on Tuesday, tracking sustained gains in soyoil on poor weather in Brazil and Russia, while key palm producer Indonesia's adverse weather conditions also supported palm prices.

Overnight Soybean oil Jul Month rose 0.66 to 44.50. Soybean oil Futures ended higher. Dalian's most active palm oil contract rose 32 to 7542.

Following the bullish performance of soybean oil and dalian oil, the FCPO could trade higher. A break above 3935 (yesterday's high) would target 3957/3970 en route to 3983. On the flip side, the next support is located at 3908 (Pivot), followed by 3895 (S1), and finally 3860 (Yesterday’s low).

(News Source: Reuters)

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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.186146 4.219371
EUR 4.664934 4.669654
CNY 0.594782 0.595398
HKD 0.537928 0.541710
SGD 3.240672 3.263549