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Malaysian palm oil futures fell about 17% in January, the steepest monthly drop in more than seven years, after touching a three-year high of 3,150 ringgit in early January. The decline followed India's restrictions on refined palm oil imports and informal guidance to avoid Malaysian purchases, alongside weaker demand from China.
India and China are the largest palm oil importers, so curbs and weaker demand from them reduce export demand for Malaysian palm oil. Prices may see further correction while the trade dispute and virus disruption continue.
moneycontrol.comMoneycontrol ContributorFeb 5, 2020Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Documents the steep January fall after India's import restrictions and weaker Chinese demand, which set up the selloff continuing into early February.
