# Rising demand for CPO | The Star

> Crude palm oil buyers stocked up ahead of higher export duties in Malaysia and Indonesia, pushing the daily price above RM4,400 per tonne in the week of October 24, 2024. Prices rose about 15 percent from an August 2024 low. Analysts said tight supply and the duty changes were driving purchases and that palm oil's premium over soybean oil would persist.

- Date: 2024-10-23 · published 2024-10-23T12:00:00.000Z
- Category: trade · region Global · magnitude medium
- Page: https://feedsoft.ai/events/15613-rising-demand-for-cpo-the-star
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Forward buying ahead of duty increases and tight supply lift near-term palm oil demand and prices. The premium over soybean oil can also shift buying toward palm in edible oil and biodiesel markets.

## Read by commodity

- SBO: bearish ▼
- PALMOIL: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| PALMOIL | 2024-11-04 | 5 | +9.9% | 4.2 | Buyers stocking up ahead of higher export duties and tight supply pushed prices higher in late October, feeding the rally. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| PALMOIL | 2019-07-29 | [Demand for M’sian palm oil rises \| Borneo Post Online](https://feedsoft.ai/events/6470-demand-for-m-sian-palm-oil-rises-borneo-post-online.md) | +3.1% | +8.5% |
| PALMOIL | 2018-04-04 | [CPO to gain from China’s soybean import tariff \| The Star](https://feedsoft.ai/events/65604-cpo-to-gain-from-china-s-soybean-import-tariff-the-star.md) | +0.3% | -4.5% |
| PALMOIL | 2017-02-01 | [CPO Export Drops But Price on the Rise](https://feedsoft.ai/events/73076-cpo-export-drops-but-price-on-the-rise.md) | -0.5% | -8.8% |
| PALMOIL | 2019-09-01 | [The Trade War Is Creating a Windfall for Rivals of U.S. Soy in China](https://feedsoft.ai/events/57615-the-trade-war-is-creating-a-windfall-for-rivals-of-u-s-soy-in-china.md) | +0.8% | +0.6% |
| PALMOIL | 2021-04-09 | [Palm set for 3% weekly rise on prospects of strong demand, tight supply - Markets - Business Recorder](https://feedsoft.ai/events/47701-palm-set-for-3-weekly-rise-on-prospects-of-strong-demand-tight-supply-markets.md) | -0.3% | +11.0% |
| SBO | 2017-05-24 | [Chinese demand for palm oil set to drop \| The Star](https://feedsoft.ai/events/71094-chinese-demand-for-palm-oil-set-to-drop-the-star.md) | -3.1% | -1.5% |
| SBO | 2020-03-23 | [Palm Oil News - The CPO Markets Would Keep Decreasing](https://feedsoft.ai/events/54013-palm-oil-news-the-cpo-markets-would-keep-decreasing.md) | +4.7% | +1.3% |
| SBO | 2019-05-06 | [Malaysian palm oil price falls for 7th day on fresh Sino-US trade tension \| The Star](https://feedsoft.ai/events/6729-malaysian-palm-oil-price-falls-for-7th-day-on-fresh-sino-us-trade-tension-the.md) | -2.1% | +1.0% |

## Sources

- thestar.com.my: https://www.thestar.com.my/business/business-news/2024/10/24/rising-demand-for-cpo

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