# Palm rises on stronger crude oil, Chicago soyoil and weaker ringgit - Markets - Business Recorder

> Malaysian palm oil futures rose about 1.7% on Oct 2, 2024, with the December Bursa contract at 4,075 ringgit a metric ton. Firmer crude oil after Iran fired missiles at Israel, stronger Chicago soyoil and a weaker ringgit supported prices.

- Date: 2024-10-02 · published 2024-10-02T12:00:00.000Z
- Category: market · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/7237-palm-rises-on-stronger-crude-oil-chicago-soyoil-and-weaker-ringgit-markets
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Malaysian Ringgit (MYR per USD)](https://feedsoft.ai/c/USDMYR.md)

## Why it matters

Higher crude makes palm more attractive as biodiesel feedstock, and a weaker ringgit lowers its cost for foreign buyers, both supporting palm and rival vegetable oil prices.

## Read by commodity

- SBO: bullish ▲
- BRENT: bullish ▲
- USDMYR: bullish ▲
- PALMOIL: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| PALMOIL | 2024-10-04 | 5 | +9.1% | 4.5 | Oct 2 palm rose about 1.7% on firmer crude after Iran's missile attack, stronger soyoil and a weaker ringgit, adding to the weekly rally. |
| PALMOIL | 2024-10-07 | 5 | +9.3% | 4.1 | Oct 2 palm gain of about 1.7% was supported by firmer crude after Iran's missile attack, stronger soyoil and a weaker ringgit, which are the demand, substitute-oil and currency channels. |
| BRENT | 2024-10-07 | 5 | +13.0% | 3.2 | Reports firmer crude on Oct 2 after Iran's missile attack on Israel, which is the geopolitical risk-premium shock behind the start of Brent's 5-day rally. |

## Sources

- brecorder.com: https://www.brecorder.com/news/40325070

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