# Crude palm oil rallies, global container rates fall

> Malaysian crude palm oil settlement rose to a high of 3,789 ringgit a tonne on June 30, up 18% within the month. The gain was attributed to a weaker ringgit and tracking of soyoil after the USDA report. Fitch Ratings expects spot prices to decline over the next 12 months.

- Date: 2023-07-04 · published 2023-07-04T12:00:00.000Z
- Category: market · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/6548-crude-palm-oil-rallies-global-container-rates-fall
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Palm prices rallied on currency and soyoil spillover, but Fitch expects rising output to pressure prices over the coming year. Soyoil export prices have also softened.

## Read by commodity

- SBO: neutral
- PALMOIL: bullish ▲

## Sources

- megalac.com: https://www.megalac.com/market-report/crude-palm-oil-rallies-global-container-rates-fall

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