Source: Ukragroconsult (Ukraine)
According to David Ng, a trader at Iceberg X in Kuala Lumpur, palm oil prices ended the day higher. Specifically, they recouped earlier losses caused by rising crude oil and soybean oil prices. Ng also noted that recent strong export figures have also improved market sentiment.
Palm Oil Prices Rise: Technical Outlook
He forecasts palm oil prices to hold above 4,700 ringgit per tonne. Additionally, he sees resistance at 4,850 ringgit per tonne. The June derivatives contract on Bursa Malaysia rose 1.2% to 4,829 ringgit ($1,192.64) per tonne.
Competing Oils and Crude Influence
Meanwhile, palm oil prices rise follow the price movements of competing edible oils. This happens as it battles for share in the global vegetable oil market. Furthermore, Brent crude futures approached $108 a barrel amid escalating tensions in the Gulf of Mexico.