Palm oil fell during the Asian trading session, dragged down by the drop in soybean oil prices on the Chicago Mercantile Exchange last Friday. The Malaysian Investment Bank said in a report that concerns about increased production and profit returns may also drag down market sentiment. The bank added that technical analysis predicts crude palm oil futures are still in a bearish trend, and traders may be cautious before the Malaysian Palm Oil Authority releases July supply and demand data. The Malaysian Investment Bank expects the price to face resistance at RM4,677 per tonne and find support at RM4,618 per tonne. The Malaysian Derivatives Exchange contract for October delivery fell by 19 ringgit to 4,624 ringgit per tonne.

Palm oil fell during the Asian trading session, dragged down by the drop in soybean oil prices on the Chicago Mercantile Exchange last Friday. The Malaysian Investment Bank said in a report that concerns about increased production and profit returns may also drag down market sentiment. The bank added that technical analysis predicts crude palm oil futures are still in a bearish trend, and traders may be cautious before the Malaysian Palm Oil Authority releases July supply and demand data. The Malaysian Investment Bank expects the price to face resistance at RM4,677 per tonne and find support at RM4,618 per tonne. The Malaysian Derivatives Exchange contract for October delivery fell by 19 ringgit to 4,624 ringgit per tonne.