After three months of sharp gains, palm oil prices have declined 11.5% so far in January, mainly after New Delhi slapped curbs on imports of refined palm oil and informally asked traders to halt all palm imports from Malaysia due to a diplomatic row.
JAKARTA: Malaysian palm oil futures fell as much as 7% on Tuesday, their most in over seven years, as a fast-spreading coronavirus in China raised fears over demand already hit by a diplomatic spat with India.
The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange hit its lowest level since Nov. 28,2019 at 2,660 ringgit per tonne before settling down 5.7% at RM2,699 ($663.96) by the midday break.
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