Following gains in the previous week, Malaysian palm oil prices experienced a decline yesterday, dropping to 4230 in the early session. Throughout the afternoon and evening sessions, prices remained rangebound between 4258 and 4230, ultimately closing at 4236 ringgit, marking a decrease of 1.19%.
Today, Malaysian palm oil continues on a downward trajectory, currently trading at 4215 after testing the initial support at 4205. Further downside movement could see the price reaching the second support level at 4170. Conversely, initial resistance is noted at 4285, followed by a second resistance at 4330.
The gains recorded last week were limited by lower-than-expected export volumes and high output estimates in certain regions.
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