Palm oil futures ended higher on Monday
Palm oil futures closed higher, with the Bursa Malaysia Derivatives contract for June delivery up 141 ringgit to 4,772 ringgit ($1,184.71) per metric ton. According to analysts at Kenanga Futures, rising prices for competing oils likely improved investor sentiment, while a weaker ringgit could further enhance export competitiveness. Expectations of higher demand in the near future should further support buyer interest, they added.
According to David Ng, a trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd, crude palm oil prices followed rising soybean oil and Chicago crude oil prices during the Asian trading session.
“Recent strong export figures also improved sentiment.” “We see prices supported above RM4,600, with resistance at RM4,750,” Ng added.
According to cargo assessment experts, Malaysian palm oil exports increased by 38.4% to 50.6% month-on-month from March 1 to 25. Full export forecasts for March will be released on Tuesday.
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