# Palm hits three-week low on Omicron variant fears - Markets - Business Recorder

> Malaysian palm oil futures fell to three-week lows on November 30, 2021, down 1.75% in early trade on Omicron concerns about edible oil demand. Indonesia set its December crude palm oil export reference price at $1,365.99 per tonne, up from November. Indonesia's 2022 unblended biodiesel consumption is seen at 10 million KL.

- Date: 2021-11-30 · published 2021-11-30T12:00:00.000Z
- Category: market · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/5259-palm-hits-three-week-low-on-omicron-variant-fears-markets-business-recorder
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Omicron-related demand fears weighed on vegetable oils, while higher Indonesian export reference prices and biodiesel expectations offered some support. Net pressure leaned bearish in the short term.

## Read by commodity

- SBO: bearish ▼
- PALMOIL: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| PALMOIL | 2021-12-01 | 5 | -7.5% | -2.8 | Palm futures hit three-week lows on Nov 30 as Omicron raised concerns about edible oil demand, a direct sentiment and demand driver within the window. |
| PALMOIL | 2021-12-02 | 5 | -8.9% | -3.3 | Palm hit three-week lows on Nov 30 as Omicron fears hit edible oil demand expectations. |
| PALMOIL | 2021-12-01 | 1 | -7.3% | -7.0 | Palm fell to three-week lows on Nov 30 on Omicron worries about edible oil demand, which started the selloff that led into the Dec 1 move. |

## Sources

- brecorder.com: https://www.brecorder.com/news/40136843

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