Daily Archives: July 12, 2022

China to Import More Palm Oil From Malaysia, Wang Yi Says

China, the world’s second-largest palm oil buyer, will increase its purchases of the tropical oil from Malaysia, Bernama reported, citing Chinese Foreign Minister Wang Yi. Malaysia’s palm oil exports to China rose more than 13% in June month-on-month to 96,496 tons, according to data from the Malaysian Palm Oil Board on Tuesday, though shipments slid 55% from the…

SINGAPORE: Palm oil looks neutral in a range of 4,090-4,267 ringgit per tonne, and an escape could suggest a direction.

A break above 4,267 ringgit could lead to a gain into 4,398-4,588 ringgit. However, the contract’s failure to break this level in its first attempt suggests a completion of the bounce from the July 6 low of 3,735 ringgit. A break below 4,090 ringgit could open the way towards 3,782-3,900 ringgit range. On the daily chart, the…