# Palm oil gains on renewed Chinese buying, but logs weekly loss - Markets - Business Recorder

> Malaysian palm oil futures rose 2.59% on May 19 to 3,480 ringgit a tonne, supported by renewed Chinese buying and a Chicago soyoil rally, though the contract lost 4.6% for the week. Malaysia kept its June crude palm oil export tax at 8% and raised the reference price.

- Date: 2023-05-19 · published 2023-05-19T12:00:00.000Z
- Category: market · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/36037-palm-oil-gains-on-renewed-chinese-buying-but-logs-weekly-loss-markets-business
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Renewed Chinese demand and firmer soyoil offered support, but a higher Malaysian export tax reduces competitiveness against Indonesia.

## Read by commodity

- SBO: bullish ▲
- PALMOIL: bullish ▲

## Sources

- brecorder.com: https://www.brecorder.com/news/40243040

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