Prices have plummeted more than 12% so far this week, the worst drop since October 2008, as tumbling crude oil prices lowered the tropical oil’s attractiveness as a biofuel.
NEW DELHI: The sell-off in palm oil deepened, with futures heading for their worst week in 11 years on slumping petroleum prices, weaker exports and concern about the rapid spread of the coronavirus.
Prices have plummeted more than 12% so far this week, the worst drop since October 2008, as tumbling crude oil prices lowered the tropical oil’s attractiveness as a biofuel. Weaker exports from Malaysia, the world’s second-biggest producer, and expectations for output to gain further soured sentiment. The most-consumed edible oil has slipped 27% from its January peak to trade in a bear market.
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