Palm Oil Rises on Biodiesel Demand, Weather Concerns
Dow Jones10:43
0243 GMT - Palm oil rises in Asian trading, driven by biodiesel demand and weather concerns that could weigh on output, AmInvestment Bank says in a note. Technical analysis suggests crude palm oil futures' broader uptrend should remain intact although near-term consolidation may persist, it adds. AmInvestment Bank expects palm oil prices to face resistance at 4,700 ringgit a ton and find support at 4,650 ringgit a ton. The Bursa Malaysia Derivatives contract for October delivery is higher by 14 ringgit at 4,691 ringgit a ton.
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