FCPO
FCPO 3rd Month Futures - 30 May 2024
Thu, 30-May-2024 06:34 am
by Futures Dealing • Apex Futures

FCPO
Pivot
4006
Resistance
4038 / 4070 / 4089 / 4107
Support
3988 / 3969 / 3937 / 3905
Possible Range
3950 to 4100
Strategy
Long positions may be opened above 4010 with targets at 4070/4089 stop-loss at 3980
Short positions may be opened below 4010 with targets at 3988/3969 stop-loss at 4040

FCPO Aug month rose 73 points or 1.84% to 4033 closed higher. Malaysian palm oil futures rose for a second consecutive session on Wednesday, as demand from top buyers India and China and strength in rival Dalian contracts underpinned the market.

Overnight Soybean oil Jul Month rose 0.36 to 45.88. Soybean oil Futures ended higher. Dalian's most active palm oil contract rose 38 to 7864

Following the bullish performance of soybean oil and dalian oil, the FCPO could trade higher. A break above 4043 (yesterday's high) would target 4070/4089 en route to 4107. On the flip side, the next support is located at 4006 (Pivot), followed by 3988 (S1), and finally 3942 (Yesterday’s low).

(News Source: Reuters)

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Market Mover
Settlement Rates
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USD 4.186146 4.219371
EUR 4.664934 4.669654
CNY 0.594782 0.595398
HKD 0.537928 0.541710
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