Palm oil rises, boosted by the strength of soybean oil prices.

Palm oil prices rose in the morning session, following the upward trend in Chicago Mercantile Exchange soybean oil prices. Malaysian investment bank stated in a report that palm oil prices are expected to rise in the short term amid ongoing tensions in the Middle East affecting the energy market. The bank also added that the rise in crude oil prices has supported the economic viability of biodiesel, thus increasing the role of crude palm oil as an energy substitute. Malaysian investment bank predicts resistance at 4,852 ringgit per ton and support at 4,672 ringgit per ton. The June delivery contract on the Malaysia Derivatives Exchange rose 22 ringgit to 4,813 ringgit per ton.