Palm oil seen on threshold of bull run that’s set to last months

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KUALA LUMPUR (Jan 31): The technical outlook for crude palm oil prices is bullish as the commodity’s 10-year consolidation is over and it’s at the start of a multi-month rally, according to CIMB in a note dated Jan 30.

* New uptrend may take palm to RM2,500-2,800/ton in 2019-2020, as long as prices remain above recent 52-week low of RM1,940, according to Ivy Ng, CIMB regional head of agribusiness, and Kong Seh Siang, the bank’s head of retail research and technical chartist

* Longer term, “a move beyond RM3,202 would open the door for a rally to new highs, possibly hitting the RM5,000 mark”

* NOTE: Palm oil traded at RM2,294 in Kuala Lumpur on Thursday