Palm Oil Consolidates, as Pause that Could Refresh

Palm oil prices consolidated at higher levels as the demand for vegetable oils ahead of Ramadan pushed prices higher. Prices are forming a bull flag pattern which is a pause that generally refreshes. Demand for palm oil usually comes before Ramadan, which begins in early June this year. Palm oil shipments rose 15% in the first half of May compared with the same time period a month ago, according to data from cargo…