Palm oil closes lower as high inventories and strong production outlook weigh

(1) Palm oil prices closed lower, mainly due to concerns over high inventories in Malaysia and expectations of strong production in October. (2) David Ng, trader at Iceberg X in Kuala Lumpur, stated that despite the strength in crude oil prices, market sentiment continues to be under pressure. (3) He expects crude palm oil futures to find support around 4,650 ringgit per ton and face resistance at 4,800 ringgit per ton. (4) Traders are closely monitoring inventory levels and export demand for further direction.