# Palm oil heads for weekly gain on supply worry, ringgit fall | The Star

> Palm oil headed for a second weekly gain on supply concerns and a weaker ringgit that made it cheaper for overseas buyers. Palm for January rose 1.1 percent to 2,897 ringgit per tonne, and soybean oil in Chicago gained 0.4 percent.

- Date: 2020-10-16 · published 2020-10-16T12:00:00.000Z
- Category: market · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/50892-palm-oil-heads-for-weekly-gain-on-supply-worry-ringgit-fall-the-star
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Malaysian Ringgit (MYR per USD)](https://feedsoft.ai/c/USDMYR.md)

## Why it matters

Tighter stockpiles and a lower production outlook support palm oil prices, while softer exports to India after festival buying could cap gains.

## Read by commodity

- SBO: bullish ▲
- USDMYR: bullish ▲
- PALMOIL: bullish ▲

## Sources

- thestar.com.my: https://www.thestar.com.my/business/business-news/2020/10/16/palm-oil-heads-for-weekly-gain-on-supply-worry-ringgit-fall

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