Palm oil fell during the Asian trading session, dragged down by declining soybean oil prices.

Palm oil prices fell during the Asian trading session, dragged down by the decline in soybean oil prices at the Chicago Mercantile Exchange last Friday. A report from Malaysian investment bank stated that concerns over increased production and profit-taking may also dampen market sentiment. The bank added that technical analysis indicates that crude palm oil futures remain in a bearish trend, and traders may exercise caution ahead of the Palm Oil Board of Malaysia's announcement of July supply and demand data. The investment bank expects prices to face resistance at RM 4,677 per ton and find support at RM 4,618 per ton. Contracts for October delivery on the Malaysian Derivatives Exchange fell by RM 19, settling at RM 4,624 per ton.