# Palm closes 3% higher, hits highest level in almost two and a half years - Markets - Business Recorder

> Malaysian palm oil futures rose more than 3% on Friday to 4,865 ringgit a tonne, their highest close since June 2022, and gained 7.25% for the week. The move followed stronger soyoil and crude oil prices and strong October export estimates of 11.5% to 13.7% growth.

- Date: 2024-11-01 · published 2024-11-01T12:00:00.000Z
- Category: market · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/4984-palm-closes-3-higher-hits-highest-level-in-almost-two-and-a-half-years-markets
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Gains in soyoil and crude oil, plus strong export pace, lift palm prices and make palm more attractive as biodiesel feedstock, supporting edible oil and meal costs.

## Read by commodity

- SBO: bullish ▲
- WTI: bullish ▲
- PALMOIL: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| PALMOIL | 2024-11-01 | 1 | +9.2% | 7.9 | Direct report of the Nov 1 rally to a 2.5-year high, driven by stronger soyoil and crude and strong October export estimates (demand and input-substitute channels). |
| PALMOIL | 2024-10-31 | 1 | +9.2% | 8.1 | Reports palm futures jumped over 3% to a multi-year high close on stronger soyoil and crude prices and strong October export estimates, directly describing the move. |
| PALMOIL | 2024-11-04 | 5 | +9.9% | 4.2 | Malaysian palm futures closed up over 3% at 4,865 ringgit, a 7.25% weekly gain and highest close since June 2022, driven by soyoil, crude and strong export data, directly capturing the move. |
| PALMOIL | 2024-11-06 | 5 | +10.0% | 4.0 | Palm futures jumped over 3% to a 2.5-year high on Nov 1, gaining 7.25% on the week on strong soyoil and crude and robust October export estimates, which directly drove the 5-day move. |

## Sources

- brecorder.com: https://www.brecorder.com/news/40330225

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