 |
|
|
|
| Commodity News |
| HeadLine : |
Palm oil falls after top buyer India imposes 21-day lockdown |
| Date : |
Mar 25 2020 |
|
The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange slid 13 ringgit, or 0.51%, to 2,341 ringgit ($530.72) per tonne during early trade. Palm had gained 2.71% in the previous session. Malaysia's largest palm oil producing state, Sabah, on Tuesday ordered the temporary closure of plantations and factories in three districts after seven workers tested positive for the virus. Word's largest edible oil consumer India ordered a 21-day lockdown of its 1.3 billion people on Tuesday to try to protect the world's second most populous country from the coronavirus spreading around the world. Palm oil production in Indonesia, the world's top palm producing nation, is expected to reach 43.5 million tons in 2020/21 due to lower fertiliser input and poor rainfall last year, while palm oil exports are expected to fall due to the pandemic, according to a U.S. Department of Agriculture attache in Jakarta. Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
Source : Inesvting
|
|
|
News Archives:
|
|
|
|
|