# Palm retreats from 8-year high but logs 5pc weekly rise - Markets - Business Recorder

> Malaysian palm oil futures closed slightly lower on profit-taking after hitting a more than eight-year high the previous session. The benchmark January contract still rose 5.6 percent for the week. Palm prices were trading about $10 below competing Chicago soyoil.

- Date: 2020-11-06 · published 2020-11-06T12:00:00.000Z
- Category: market · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/50049-palm-retreats-from-8-year-high-but-logs-5pc-weekly-rise-markets-business
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Palm oil remains near multi-year highs as tight inventories support prices, and its competitiveness against soyoil will shape vegetable oil demand.

## Read by commodity

- SBO: neutral
- PALMOIL: bullish ▲

## Sources

- brecorder.com: https://www.brecorder.com/news/40031097

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