Palm slips on financial market turbulence

MG News | March 24, 2023 at 08:36 AM GMT+05:00

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March 24, 2023 (MLN): Palm oil prices have fallen, in line with the decline seen across the entire edible oil market, AmInvestment Bank's head of futures broking, Low York Hong reported.

Low was of the view that financial market volatility, driven by concerns over tighter liquidity due to interest rate hikes, has impacted commodities as well.

Additionally, the lower crude oil prices have further affected palm oil prices, as the decreased cost of crude oil will reduce the incentive to use biofuels produced from vegetable oils.

Furthermore, Low highlighted that the strengthening Malaysian Ringgit against the US dollar has also contributed to the dip in CPO futures. He has set the resistance level for CPO futures at MYR3,593, with support at MYR3,482.

As per the Bursa Malaysia Derivatives contract for June delivery, the price of palm oil has fallen MYR46, currently sitting at MYR3,523 per ton.

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