FCPO
FCPO 3rd Month Futures - 7 June 2024
Fri, 07-Jun-2024 08:32 am
by Dealing Team • Apex Futures

FCPO
Pivot
4006
Resistance
4039 / 4067 / 4084 / 4100
Support
3969 / 3947 / 3923 / 3899
Possible Range
3950 to 4060
Strategy
Long positions may be opened above 4005 with targets at 4039/4067 stop-loss at 3975
Short positions may be opened below 4005 with targets at 3969/3947 stop-loss at 4035

FCPO Aug month rose 54 points or 1.38% to close higher at 3960. On Thursday, Malaysian palm oil futures ended the day with an increase of over 1%, following the upward movement in the crude oil market. Traders were eagerly awaiting export and production figures from the world's second-largest producer for further guidance.

Attention is now turning towards the monthly palm oil data from the Malaysian Palm Oil Board (MPOB), scheduled for release on June 10th.

Overnight Soybean oil Jul Month rose 1.22 to 44.35. Soybean oil Futures ended higher. Dalian's most active palm oil contract surged 184 to 7828.

Following the bullish performance of rival oil performance, the FCPO could be in higher. The immediate support and resistant range spotted at 3969 and 4039.

(News Source: Reuters)

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Market Mover
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