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Malaysian palm oil futures ended lower on Monday after exports fell 5.7% in April and other vegetable oils weakened. A technical analyst expects prices to test support near MYR 2,350 and possibly fall toward 2,310-2,315.
The analyst's bearish technical outlook, combined with weak fundamentals, points to continued downside for palm oil prices in the near term.
thehindubusinessline.comGnanasekaar .TApr 30, 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.
Same-day report of lower close on weaker April exports and softer other vegetable oils, with technical selling toward support levels amplifying the decline.
Prices fell on Apr 30 on the weaker April export data and softer related vegetable oils, and technical analysts flagged a test of lower support, which can add to selling momentum.
