# Palm oil scales near 5-week closing high on tighter supply outlook - Markets - Business Recorder

> Malaysian palm oil futures rose to a near five-week closing high on the first trading day of 2023, with the March contract up 1.94% to 4,255 ringgit a tonne. Southern Peninsular Palm Oil Millers Association data showed December output fell 1.68% from November, and Malaysian December exports dropped between 1.7% and 2.8%.

- Date: 2023-01-03 · published 2023-01-03T12:00:00.000Z
- Category: market · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/9243-palm-oil-scales-near-5-week-closing-high-on-tighter-supply-outlook-markets
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md)

## Why it matters

Lower Malaysian output and expected stock declines tighten near-term palm supply, which supports palm oil prices and raises the cost of palm-based feed ingredients for buyers.

## Read by commodity

- PALMOIL: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| PALMOIL | 2023-01-03 | 1 | +7.3% | 3.7 | Same-day report of the palm rally on the first trading day of 2023, citing lower December output and weaker exports that signal a tighter supply outlook. |

## Sources

- brecorder.com: https://www.brecorder.com/news/40218150

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