# Palm edges higher tracking rivals; cheaper crude weighs - Markets - Business Recorder

> Malaysian palm oil futures closed up 0.1% for a second straight session, tracking gains in rival soybean and palm oils on Dalian and CBOT. Cheaper crude oil capped the gains by making palm less competitive as a biofuel feedstock. Crude prices fell after an unexpected rise in US inventories and concerns about China's economy.

- Date: 2021-09-29 · published 2021-09-29T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/11980-palm-edges-higher-tracking-rivals-cheaper-crude-weighs-markets-business-recorder
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Palm oil is supported by costlier rival oils, but lower crude prices reduce its appeal for biofuel use, which limits the price gains.

## Read by commodity

- WTI: bearish ▼
- PALMOIL: bullish ▲

## Sources

- brecorder.com: https://www.brecorder.com/news/40123438

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.