Palm oil prices fell slightly on Thursday

Palm oil prices have eased slightly amid concerns about production growth in the coming weeks, says David Ng, a trader at Iceberg X in Kuala Lumpur. However, he believes high oil prices will continue to support sentiment for this edible oil in the short term. Higher oil prices could increase palm oil’s appeal as a biofuel alternative, supporting its price. Ng expects palm oil prices to find support at 4,450 ringgit per tonne and face resistance at 4,550 ringgit per tonne. Malaysian palm oil futures were little changed on Thursday amid subdued demand from major importers India and China, rising expectations for increased production, and a stronger ringgit. The benchmark FCPO1 palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange fell 2 ringgit, or 0.04%, to 4,495 ringgit (US$1,137.40) per metric tonne at the close. Demand remains a concern, particularly from key importers India and China, where buying interest remains subdued despite expected production ...