# VEGOILS-Palm oil surrenders sharp gains on poor demand, exports | Kitco News

> Malaysian palm oil futures gave back sharp gains from the previous session, trading 1.02% lower at 3,386 ringgit a tonne in early trade. Sluggish April exports, down 18% to 21% depending on the surveyor, and unattractive prices against rival oils weighed on sentiment.

- Date: 2023-05-03 · published 2023-05-03T12:00:00.000Z
- Category: market · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/4384-vegoils-palm-oil-surrenders-sharp-gains-on-poor-demand-exports-kitco-news
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Palm's price disadvantage against soyoil and sunflower oil is curbing buying, which keeps palm prices under pressure.

## Read by commodity

- SBO: bearish ▼
- PALMOIL: bearish ▼

## Sources

- kitco.com: https://www.kitco.com/news/off-the-wire/2023-05-02/vegoils-palm-oil-surrenders-sharp-gains-poor-demand-exports

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