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NEWS ADMIN

DATE

01/02/2019

NEWS PROVIDER

Nur Aisha Abd. Wahab

NEWS SOURCE

The Edge Markets

CATEGORY

HEADLINE

Palm oil seen on threshold of bull run that’s set to last months

The Edge Markets (31/01/2019) - KUALA LUMPUR (Jan 31): The technical outlook for crude palm oil prices is bullish as the commodity’s 10-year consolidation is over and it’s at the start of a multi-month rally, according to CIMB in a note dated Jan 30.

* New uptrend may take palm to RM2,500-2,800/ton in 2019-2020, as long as prices remain above recent 52-week low of RM1,940, according to Ivy Ng, CIMB regional head of agribusiness, and Kong Seh Siang, the bank’s head of retail research and technical chartist

* Longer term, “a move beyond RM3,202 would open the door for a rally to new highs, possibly hitting the RM5,000 mark”

* NOTE: Palm oil traded at RM2,294 in Kuala Lumpur on Thursday

Read more at http://www.theedgemarkets.com/article/palm-oil-seen-threshold-bull-run-thats-set-last-months