Palm oil prices rise, driven by biodiesel demand and weather concerns

1. Malaysia Investment Bank pointed out in a Monday report that, driven by the dual factors of growing biodiesel demand and weather concerns that may hinder production, palm oil prices in the Asian market rose during the trading session. 2. The institution's technical analysis predicts that although short-term consolidation may continue, the long-term upward trend of crude palm oil futures should remain intact. Malaysia Investment Bank forecasts palm oil prices will encounter resistance near RM4,700 per ton and find support near RM4,650 per ton. Regarding biodiesel demand, the ongoing implementation of Indonesia's B40 policy provides structural support to the market, but attention should be paid to disruptions in production expectations caused by weather changes in producing regions.