David Ng, a trader at Iceberg X in Kuala Lumpur, said that palm oil fell in early Asian trading, dragged down by the overnight decline in soybean oil on the Chicago Mercantile Exchange. He said that palm oil was also being dragged down by the weakening of soft palm oil on the Dalian Commodity Exchange. Additionally, falling crude oil prices are weakening the appeal of palm oil as a biofuel, he added. Ng is expected to face support at RM4,550 per tonne and resistance at RM4,750 per tonne. The contract for October delivery on the Malaysian Derivatives Exchange fell by 25 ringgit to 4,648 ringgit per ton.

David Ng, a trader at Iceberg X in Kuala Lumpur, said that palm oil fell in early Asian trading, dragged down by the overnight decline in soybean oil on the Chicago Mercantile Exchange. He said that palm oil was also being dragged down by the weakening of soft palm oil on the Dalian Commodity Exchange. Additionally, falling crude oil prices are weakening the appeal of palm oil as a biofuel, he added. Ng is expected to face support at RM4,550 per tonne and resistance at RM4,750 per tonne. The contract for October delivery on the Malaysian Derivatives Exchange fell by 25 ringgit to 4,648 ringgit per ton.