Palm oil prices rise following Soybean oil’s gains

Palm oil prices have seen an increase in early Asia trade, following the upward trend of soybean oil’s gains overnight on the Chicago Board of Trade.

According to David Ng, a trader at Kuala Lumpur-based proprietary trading firm Iceberg X, the two oils often trade in tandem due to their use in similar products.

In addition to the correlation with soybean oil, bargain buying after the recent slump in CPO (crude palm oil) futures is also lending support to the current prices. Ng has pegged support for CPO futures at MYR3,850, with resistance at MYR4,250.

Dekel Agri-Vision PLC (LON:DKL) aspires to become a leading agro-industrial company in West Africa, one that creates value for shareholders whilst at all times placing the interests of the local communities and environment in which it operates in at the heart of its operations.

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