Palm oil closed lower, dragged down by weakness in soybean oil and crude oil.

⑴ Palm oil futures closed lower, dragged down by weaker soybean oil and crude oil prices, said Iceberg X trader David Ng, headquartered in Kuala Lumpur. ⑵ He stated that these oils have similar uses, so their trading trends are usually synchronized. ⑶ A stronger ringgit puts further pressure on the palm oil market. ⑷ Ng expects prices to find support at 4,600 ringgit per ton and face resistance at 4,750 ringgit per ton. ⑸ The December delivery contract on the Malaysian Derivatives Exchange fell by 99 ringgit to 4,673 ringgit per ton. ⑹ From a market perspective, palm oil will follow short-term fluctuations in related oils and energy prices; going forward, attention should be paid to the movement of the ringgit and changes in export demand.