Palm oil closes higher, following gains in competing edible oils

(1) Palm oil rose during the Asian trading session, with the November contract on the Malaysia Derivatives Exchange closing up by 33 ringgit to 4,883 ringgit per ton.(2) An institution stated in its report that prices may be supported by the overnight strength of competing edible oils and continued concerns about El Niño-related hot and dry weather conditions expected to impact production.(3) The institution set the resistance level for the November futures contract at 4,950 ringgit per ton.