Palm oil rises in early Asian trade, driven by bargain hunting after recent weakness, AmInvestment Bank says in a note. However, the upside for CPO prices may be capped by cautious market sentiment and technical resistance. The medium-term outlook could remain bearish amid expectations of improving palm oil supply, it adds. AmInvestment Bank expects prices to face resistance at 4,540 ringgit a ton and find support at 4,444 ringgit a ton. The Bursa Malaysia Derivatives contract for September delivery is higher by 4 ringgit at 4,510 ringgit a ton. (yingxian.wong@wsj.com)
Dow Jones Newswires
Palm Oil Rises on Bargain Hunting — Market Talk
Palm oil rises in early Asian trade, driven by bargain hunting after recent weakness, AmInvestment Bank says in a note. However, the upside for CPO prices may be capped by cautious market sentiment and technical resistance. The medium-term outlook could remain bearish amid expectations of improving…