Palm oil may retest support at 4,588 ringgit

Palm oil futures (FCPOc3) are poised to test a support level of 4,588 ringgit per metric ton. A breach below this level could lead to further declines towards the 4,533-4,553 ringgit range. The contract has briefly fallen below the 4,588 ringgit support, which also represents its 261.8% projection level.