Palm oil prices are rising
According to David Ng, a trader at Iceberg X in Kuala Lumpur, palm oil prices rose amid stronger crude prices and higher export forecasts. The market expects increased exports due to the recent conflict in the Middle East, which is forcing importers to secure supplies amid uncertainty, as well as price discounts on palm oil, he adds.
The trader forecasts support above 4,500 ringgit per tonne and resistance at 4,780 ringgit. The Bursa Malaysia derivatives contract for June delivery closed 82 ringgit higher at 4,654 ringgit ($1,184.07) per tonne.
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