# Palm reverse early gains but logs weekly jump on improved demand - Markets - Business Recorder

> Malaysian palm oil futures reversed early gains to close lower on Friday, though they gained about 4% for the week. Strong Indian and European demand and a weaker ringgit supported prices, while higher mid-term inventories and revised Indian duties weighed.

- Date: 2023-08-18 · published 2023-08-18T12:00:00.000Z
- Category: market · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/34678-palm-reverse-early-gains-but-logs-weekly-jump-on-improved-demand-markets
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Robust import demand and a weaker ringgit make palm cheaper for buyers, but high stocks cap the upside.

## Read by commodity

- SBO: neutral
- PALMOIL: bullish ▲

## Sources

- brecorder.com: https://www.brecorder.com/news/40258609

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