FCPO
FCPO 3rd Month Futures - 12 June 2024
Wed, 12-Jun-2024 08:30 am
by Dealing Team • Apex Futures

FCPO
Pivot
3925
Resistance
3946 / 3967 / 3986 / 4004
Support
3886 / 3867 / 3846 / 3806
Possible Range
3850 to 3980
Strategy
Long positions may be opened above 3925 with targets at 3946/3967 stop-loss at 3895
Short positions may be opened below 3925 with targets at 3886/3867 stop-loss at 3955

FCPO Aug month rose 12 points or 0.31% to close higher at 3931. On Tuesday, Malaysian palm oil futures climbed, rebounding from earlier losses during midday trading. This upward trend was driven by diminished rapeseed forecasts, which overshadowed the expected U.S. soybean ratings.

Cargo surveyors reported a 20.4% and 21.6% decline in Malaysian palm oil product exports for June 1-10 compared to May 1-10, while Societe Generale de Surveillance estimated a 31.8% increase to 347,045 tons for the same period.

Overnight Soybean oil Jul Month up 0.01 to 43.67. Soybean oil Futures ended moderately higher. Dalian’s active palm oil contract dropped 34 to 7646.

After the varied performance of CBOT soyoil and Dalian palm oil, the FCPO might trade within a narrow range, leaning towards declines but with some support. The immediate support and resistance levels are identified at 3886 and 3946, respectively.

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