Palm oil prices rose on Tuesday
According to David Ng, a trader at Iceberg X in Kuala Lumpur, palm oil prices ended the day higher, recouping earlier losses caused by rising crude oil and soybean oil prices. Ng also noted that recent strong export figures have also improved market sentiment. He forecasts palm oil prices to hold above 4,700 ringgit per tonne, with 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.
Palm oil prices follow the price movements of competing edible oils as it battles for share in the global vegetable oil market.
Brent crude futures approached $108 a barrel amid escalating tensions in the Gulf of Mexico.
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