# VEGOILS-Palm jumps over 1 pct tracking crude oil gains

> Malaysian palm oil futures rose more than 1% on Monday, snapping five sessions of losses, and the December contract closed at 2,162 ringgit a tonne. The gain tracked stronger CBOT soyoil and crude oil, which jumped to a four-year high after OPEC declined to announce an immediate output increase.

- Date: 2018-09-24 · published 2018-09-24T12:00:00.000Z
- Category: market · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/63121-vegoils-palm-jumps-over-1-pct-tracking-crude-oil-gains
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Palm oil is used as biodiesel feedstock, so higher crude prices improve its competitiveness and support prices. Palm had just hit a three-year low, so the rebound may be short-lived if crude weakens.

## Read by commodity

- WTI: bullish ▲
- PALMOIL: bullish ▲

## Sources

- yahoo.com: https://www.yahoo.com/news/vegoils-palm-jumps-over-1-110740632.html

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