Can FCPO Malaysia Palm Oil Sustain Above 4700?palm oil deep fall on last Thurs, yet on Friday palm oil prices bounced back from the weakness as tightness in palm oil supply remained support.
Another factor could be the next focus, that is weather concerns. La Nina is expected by the 2nd straight winter, hit soybean means hit soybean oil as well.
Highly expected retracement in palm oil may not last long despite China and India might strengthen regulation on speculative activities.
which level should we watch out??
the nearest support at 4700, which is the level Friday hit and bounce.
once broken 4700, means small correction in short term. Market likely to test support level at 4500 before it resume its uptrend.
In summary, overall remain bullish view for palm oil market.
