Palm Oil To Average MYR3,350/tonne In 2012

We are neutral front-month palm oil on a short-term basis as the contract continues to trade between converging lines of support and resistance. However, we are biased towards an eventiual upside break and would turn bullish upon a break of multi-month resistance that currently comes in around MYR3,200/tonne. Our positive bias has been bolstered by a rally in soy oil prices in recent trading, as we believe substitution dynamics will lift palm oil higher

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