Palm Oil Consolidates Forming Reversal Pattern

Palm oil prices have been trading under pressure this week, despite reports of higher Asian demand. Competing soybean oil prices have also traded lower as investors give back some of the recent gains experienced following the WASDE report released last week by the USDA.

Demand appears to be on the rise which is reflected in Intetek’s export report that showed that Mayaysian palm oil increased to 690,074 which was…