Palm falls amid global weak sentiment, soybean oil losses

MG News | March 20, 2023 at 10:38 AM GMT+05:00

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March 20, 2023 (MLN): Palm-oil prices have fallen in response to overnight losses in soybean oil on the Chicago Board of Trade and palm olein's weakness on the Dalian Commodity Exchange in Asian hours, Kuala Lumpur-based proprietary trading firm, Iceberg X, reported.

According to trader David Ng, global weak sentiment due to the recent banking crisis has also weighed on CPO futures.

At present, support for CPO futures is pegged at MYR3,700, with resistance at MYR4,100. The Bursa Malaysia Derivatives contract for June delivery is down MYR45, currently trading at MYR3,875 a ton.

The price of palm oil has been volatile in recent months, with supply chain disruptions and weather patterns affecting the market. However, the current downturn is largely attributed to external factors, with the wider economic situation having a significant impact on commodity prices.

Investors are advised to monitor the situation closely, as further changes may be expected in the coming weeks. However, experts suggest that the market may stabilize as the global situation begins to recover from the recent crisis.

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