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Malaysia's Primary Industries Minister said the coronavirus outbreak will temporarily weaken China's palm oil demand, with prices expected to rebound once the outbreak is controlled. The Malaysian Palm Oil Board said instant noodle producers could increase palm oil use as Chinese consumers eat at home more.
Reduced restaurant demand in China is partly offset by higher packaged food consumption, which limits the downside for palm oil. Officials expect the price drop to be short-term.
themalaysianreserve.comFeb 5, 2020After 10 past bearish disease events, Palm Oil moved a median +0.4% over 5 sessions (50% higher; middle half -5.0% to +1.3%), and -8.5% over 20.
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.
