# Palm oil posts second week of gains - Markets - Business Recorder

> Malaysian palm oil futures closed higher on Friday, posting a second straight weekly gain. Support came from stronger rival vegetable oils and hot, dry US weather that may trim soybean output.

- Date: 2023-08-28 · published 2023-08-28T12:00:00.000Z
- Category: market · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/34677-palm-oil-posts-second-week-of-gains-markets-business-recorder
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Firmer soyoil and expected US soybean shortfalls tend to lift palm oil as a substitute vegetable oil.

## Read by commodity

- SBO: bullish ▲
- PALMOIL: bullish ▲

## Sources

- brecorder.com: https://www.brecorder.com/news/40260105

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