FCPO
FCPO 3rd Month Futures - 31 May 2024
Fri, 31-May-2024 06:33 am
by Futures Dealing • Apex Futures

FCPO
Pivot
3996
Resistance
4012 / 4027 / 4044 / 4060
Support
3963 / 3948 / 3932 / 3900
Possible Range
3900 to 4050
Strategy
Long positions may be opened above 4000 with targets at 4027/4044 stop-loss at 3970
Short positions may be opened below 4000 with targets at 3963/3948 stop-loss at 4030

FCPO Aug month fell 41 points or 0.99% to 3993 closed lower. Malaysian palm oil futures closed lower on Thursday on profit-taking and weakness in rival Chicago soyoil, as prices consolidated after a recent uptick.

Overnight Soybean oil Jul Month fell 0.16 to 45.72. Soybean oil Futures ended lower. Dalian's most active palm oil contract fell 38 to 7770

Following the bearish performance of soybean oil and dalian oil, the FCPO could trade lower. A break below 3965 (yesterday's low) would target 3948/3932 en route to 3900. On the flip side, the next resistance is located at 3996 (Pivot), followed by 4012 (R1), and finally 4029 (Yesterday’s high).

(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 4.186095 4.224386
EUR 4.685732 4.700656
CNY 0.595462 0.596801
HKD 0.537358 0.541779
SGD 3.239345 3.269267