Palm oil ends higher as soybean oil firms; key levels cited
Palm oil prices finished higher on soybean oil strength and ongoing El Nino output concerns. Trader David Ng expects crude palm oil to face resistance at 4,850 ringgit a ton and support at 5,050 ringgit a ton.
Palm oil prices ended higher, thanks to strength in soybean oil prices and persistent concern over El Nino affecting long-term output, says David Ng, a trader at Kuala Lumpur-based Iceberg X.
The trader sees crude palm oil prices facing resistance at 4,850 ringgit a ton and finding support at 5,050…