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Malaysian palm oil futures were little changed on Tuesday, with gains from stronger crude oil prices tempered by concerns of higher September stockpiles. Benchmark contract for December delivery gained 2 ringgit, or 0.04%, to 4,580 ringgit a metric ton. Expectations of high September inventories continued to cap gains.
Malaysian palm oil futures extended gains for a second straight session on Tuesday, buoyed by firmer crude oil prices and a weaker ringgit. The benchmark contract for December delivery gained 12 ringgit, or 0.26%, to 4,590 ringgit a metric ton.
Palm oil may extend its bounce into a range of 4,656-4,677 ringgit per metric ton, according to technical analysis by Reuters. Support is at 4,588 ringgit, a break below which could trigger a fall into 4,533-4,567 ringgit range.
Palm oil may extend its bounce into a range of 4,656-4,677 ringgit per metric ton, as suggested by its wave pattern and a channel technique. A five-wave cycle from 5,049 ringgit has ended, as indicated by the contract's escape from a falling channel. The peak of the wave (4) is around 4,656.