# Palm oil firms, Omicron jitters keep prices near 8-week low - Markets - Business Recorder

> Malaysian palm oil futures closed up 0.34% on December 1, 2021, but stayed near an eight-week low as Omicron-driven lockdown worries threatened demand. SPPOMA estimated November output fell 6.8% month on month. FGV Holdings said migrant workers could arrive by end-March 2022 to ease a labour shortage.

- Date: 2021-12-01 · published 2021-12-01T12:00:00.000Z
- Category: market · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/5258-palm-oil-firms-omicron-jitters-keep-prices-near-8-week-low-markets-business
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Lower output and labour shortages are supportive for palm prices, but demand uncertainty from Omicron restrictions is capping gains. Indian refiners cutting palm purchases in favour of soyoil and sunflower oil add further pressure.

## Read by commodity

- SBO: neutral
- PALMOIL: neutral

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| PALMOIL | 2021-12-02 | 5 | -8.9% | -3.3 | Prices stayed near eight-week low on Dec 1 on Omicron lockdown demand fears, partly offset by lower output. |

## Sources

- brecorder.com: https://www.brecorder.com/news/40137177

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