The Malaysian Investment Bank said in a report that the decline in palm oil during the Asian trading session was dragged down by the overnight decline in soybean oil on the Chicago Futures Exchange. However, higher soft palm oil prices on the Dalian Commodity Exchange may partially cushion the downward impact. The bank added that technical analysis predicts that the bullish momentum of crude palm oil futures is still intact, although profit take-back activity before the Malaysian Palm Oil Authority data is released may limit further gains. The Malaysian Investment Bank expects palm oil prices to face resistance at RM4,721 per tonne and find support at RM4,639 per tonne. The contract for October delivery on the Malaysian Derivatives Exchange fell by 7 ringgit to 4,689 ringgit per ton.
Zhitongcaijing · 3d ago
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The Malaysian Investment Bank said in a report that the decline in palm oil during the Asian trading session was dragged down by the overnight decline in soybean oil on the Chicago Futures Exchange. However, higher soft palm oil prices on the Dalian Commodity Exchange may partially cushion the downward impact. The bank added that technical analysis predicts that the bullish momentum of crude palm oil futures is still intact, although profit take-back activity before the Malaysian Palm Oil Authority data is released may limit further gains. The Malaysian Investment Bank expects palm oil prices to face resistance at RM4,721 per tonne and find support at RM4,639 per tonne. The contract for October delivery on the Malaysian Derivatives Exchange fell by 7 ringgit to 4,689 ringgit per ton.
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