# Palm hits 2-week closing high - Markets - Business Recorder

> Malaysian palm oil futures closed at a two-week high on Nov 18, with the February contract up 2.04% to 4,999 ringgit per tonne. Malaysia kept its December crude palm oil export tax at 8% and raised its reference price to 5,119.75 ringgit per tonne.

- Date: 2021-11-18 · published 2021-11-18T12:00:00.000Z
- Category: market · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/44157-palm-hits-2-week-closing-high-markets-business-recorder
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Steady export duty and tight spreads point to firm palm prices, which tend to lift soyoil and other vegetable oils. The move is a routine price gain without a major new supply shock.

## Read by commodity

- SBO: bullish ▲
- PALMOIL: bullish ▲

## Sources

- brecorder.com: https://www.brecorder.com/news/40134365

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