Palm oil ends higher, tracking stronger soybean oil prices
Palm oil closed higher on stronger soybean oil prices and ongoing concerns about medium-term output amid El Nino impacts on Malaysia and Indonesia. Support seen at 4,900 ringgit a ton; resistance at 5,050 ringgit a ton.
Palm oil closed higher on stronger soybean oil prices and ongoing concerns about medium-term output amid El Nino weather conditions affecting Malaysia and Indonesia, says David Ng, a trader at Kuala Lumpur-based Iceberg X.
Ng sees support at 4,900 ringgit a ton and resistance at 5,050 ringgit a ton…