# Temporary drop on local palm oil prices due to coronavirus

> 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.

- Date: 2020-02-05 · published 2020-02-05T12:00:00.000Z
- Category: disease · region China · magnitude low
- Page: https://feedsoft.ai/events/4960-temporary-drop-on-local-palm-oil-prices-due-to-coronavirus
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md)

## Why it matters

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.

## Read by commodity

- PALMOIL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| PALMOIL | 2020-02-05 | [Coronavirus drags down commodity prices as demand from China drops - Business - The Jakarta Post](https://feedsoft.ai/events/4957-coronavirus-drags-down-commodity-prices-as-demand-from-china-drops-business-the.md) | +1.3% | -8.5% |
| PALMOIL | 2020-02-05 | [Commodity Tracker: Coronavirus and commodity markets \| S&P Global](https://feedsoft.ai/events/7412-commodity-tracker-coronavirus-and-commodity-markets-s-and-p-global.md) | +1.3% | -8.5% |
| PALMOIL | 2020-02-19 | [Palm oil extends losses on weak demand  - The HinduBusinessLine](https://feedsoft.ai/events/10641-palm-oil-extends-losses-on-weak-demand-the-hindubusinessline.md) | -2.4% | -16.6% |
| PALMOIL | 2020-05-12 | [Palm oil players warn of tougher times as pandemic hits prices \| Malaysiakini](https://feedsoft.ai/events/53239-palm-oil-players-warn-of-tougher-times-as-pandemic-hits-prices-malaysiakini.md) | +2.4% | +19.1% |
| PALMOIL | 2020-02-04 | [Malaysia bets instant noodles will sustain palm oil demand in virus-hit China](https://feedsoft.ai/events/4954-malaysia-bets-instant-noodles-will-sustain-palm-oil-demand-in-virus-hit-china.md) | +4.6% | -11.1% |

## Sources

- themalaysianreserve.com: https://themalaysianreserve.com/2020/02/05/temporary-drop-on-local-palm-oil-prices-due-to-coronavirus/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.