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Malaysian palm oil futures rose more than 1% in a second straight session on Monday as traders expected stronger demand in January and lower output in the coming months. Prices rebounded from 2,420 MYR/tonne and the article flags resistance near 2,652 and 2,685-2,700 MYR/tonne.
The analyst keeps a medium-term bullish outlook despite a possible head-and-shoulders pattern.
The technical setup points to near-term upside in palm oil, which can lift vegetable oil prices and feed-fat costs. The commentary is a chart-based view rather than a new fundamental shock, so its price impact is limited.
thehindubusinessline.comThe HinduBusinessLineJan 8, 2018Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Futures rose over 1% for a second straight session on Jan 8 on expectations of stronger January demand and lower output, directly reflecting the move's end point.
