Horse palm oil rises, tracks soybean oil prices

On June 26, according to media reports, a trader at Iceberg X, a proprietary trading company based in Kuala Lumpur, said that Malaysian palm oil prices rose, following CBOT soybean oil’s rise on Friday, and that dry weather in the United States is expected to lead to a decline in soybean production.

These two oils are often traded together because they are similar products.

The prospect of lower palm oil production and shortages of fertilizers could support prices in the short term, he added.

He believes that the support level of Malaysian palm oil futures is at 3,400 ringgit/ton and the resistance level is at 3,850 ringgit/ton.