Palm oil demand is getting destroyed just as the production cycle is entering a high productivity phase, Dorab Mistry, director at Godrej Internationa(file pic)l said. There’s likely to be a glut in top growers Indonesia and Malaysia by the year-end, he added.
KUALA LUMPUR: Palm oil tumbled to a nine-month low as a slump in petroleum prices damaged its appeal as a biofuel and concerns mounted about coronavirus pandemic headwinds.
Futures dropped 2.8% to their lowest close since July, with the world’s most-consumed cooking oil trading just above the psychological level of RM2,000 a tonne. Prices have fallen 34% so far this year on worries about weaker demand and rising stockpiles.
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