Palm oil prices face large decline as pandemic hammers exports

KUALA LUMPUR, April 9 (Reuters) - palm oil producers must brace for crude palm oil prices to fall sharply as coronavirus-led lockdowns around the world curb consumption and boost stocks, said leading industry analyst James Fry.

As the lockdowns shuttered restaurants, many industry players had expected that demand for palm oil, used in everything from instant noodles to shampoo, would remain relatively well supported.

But Fry's analysis of the demand destruction recorded in China - the number two palm importer and first country hit by the coronavirus outbreak - suggests there will be a "sizeable" hit to palm oil consumption.

Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

crude palm oil , James Fry , CPO


Next In Business News

Gamuda Land to develop RM150mil hotel in Gamuda Cove, to be managed by Dusit International
Alliance Bank's Acceler8 strategy gains traction
Hong Leong Bank registers 1Q net profit of RM1.03bil on strong loans growth
Bursa to wrap results period on a flat note
SC says will not hesitate to take criminal action against 'bad actors' in capital markets
China's factory activity contracts for second month in November
Ringgit opens lower against US$ in early trade
Bursa remains caught in consolidation
Visa-free agreements set to propel air passenger traffic growth
Sedania forges ahead with Islamic fintech ambitions

Others Also Read