# Malaysian palm oil price bounces back to hit over 8-month high on weak ringgit | The Star

> Malaysian palm oil recovered earlier losses and rose to its highest since February on a weaker ringgit, gains in US soyoil and Malaysian and Indonesian biofuel consumption plans. The January contract closed up 1.4% at 2,317 ringgit per tonne. Earlier in the session prices had dipped after India's solvent extractors called on members to stop buying Malaysian palm oil.

- Date: 2019-10-22 · published 2019-10-22T12:00:00.000Z
- Category: market · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/56674-malaysian-palm-oil-price-bounces-back-to-hit-over-8-month-high-on-weak-ringgit
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md)

## Why it matters

A weaker ringgit makes palm cheaper for foreign buyers and biofuel demand supports consumption, which tends to firm prices. The India boycott call is a risk that could cap gains.

## Read by commodity

- PALMOIL: bullish ▲

## Sources

- thestar.com.my: https://www.thestar.com.my/business/business-news/2019/10/23/malaysian-palm-oil-price-bounces-back-to-hit-over-8-month-high-on-weak-ringitt

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