Palm Oil Stabilizes, as Daily Momentum Turns Higher

Palm oil prices have stabilized, but have traded under pressure on supply concerns, dropping nearly 10% since hitting a high on May. Recent production data shows that June production in Malaysia, the world’s second largest palm producer, fell 8.5% to 1.51 million tons. The recent rebound in soy bean oil has helped prices stabilize near support at the Bollinger band low which is 2-standard deviations below the…