# Palm oil ends week lower on stronger ringgit - Markets - Business Recorder

> Malaysian palm oil futures fell 0.57% to 4,003 ringgit on July 28, finishing the week down 0.79%. Traders attributed the decline to a stronger ringgit and weakness in competing edible oils, while Malaysian July exports were reported up 10.8% to 17.8% depending on the surveyor.

- Date: 2023-07-31 · published 2023-07-31T12:00:00.000Z
- Category: market · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/35138-palm-oil-ends-week-lower-on-stronger-ringgit-markets-business-recorder
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

A stronger ringgit makes palm oil less attractive to foreign buyers and weaker soyoil reduces substitution support, both bearish for palm prices. Export growth is supportive but was not enough to offset these pressures this week.

## Read by commodity

- SBO: bearish ▼
- PALMOIL: bearish ▼

## Sources

- brecorder.com: https://www.brecorder.com/news/40255337

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