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2026-01-09 18:14:57
Palm oil prices fell under pressure as market concerns over high inventory levels emerged; short-term technical indicators point to key price levels. ⑴ Palm oil futures prices on the Malaysian Derivatives Exchange closed lower, with the March contract down 5 ringgit to settle at 4,038 ringgit per tonne. ⑵ Market analysis indicates that upward price movement is limited, primarily due to the possibility of profit-taking ahead of the Malaysian Palm Oil Board's (MPOB) release of key data next week. ⑶ Persistent concerns about high December inventory levels are another key fundamental factor suppressing market sentiment and price increases. ⑷ From a technical analysis perspective, Kenanga Futures believes that the current price has support at 4,015 ringgit, while resistance is at 4,115 ringgit. ⑸ The market's focus will now be on the upcoming official inventory and production data from the MPOB, whose performance will validate or alleviate market concerns about supply pressure and provide a basis for price breakouts.
