Palm Oil Seen Dropping to Lowest Since May: Technical Analysis
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Palm, the most-consumed cooking oil, will probably decline 4.5 percent in the next two weeks to the lowest level since May as it remains in a downward trend, according to a technical analysis by RHB Investment Bank Bhd.
The most-active contract on Bursa Malaysia Derivatives may drop to 2,250 ringgit ($710) a metric ton, a support level that the commodity couldn’t break in late April and early May, said analyst Mohammad Ashraf Abu Bakar, who has predicted prices for the past five years. The oil’s long-term trend is definitely still down, Mohammad Ashraf said by phone in Kuala Lumpur.