# Palm oil players warn of tougher times as pandemic hits prices | Malaysiakini

> Palm oil industry leaders warned that prices will stay depressed this year as the coronavirus pandemic slashes global demand and lifts inventories. Benchmark crude palm oil fell to near 10-month lows of RM2,014 per tonne, down from RM3,130 at the start of the year. MPOC estimates global demand has plunged 25%, and Sime Darby Oils flagged further cost cuts.

- Date: 2020-05-12 · published 2020-05-12T12:00:00.000Z
- Category: disease · region Malaysia · magnitude medium
- Page: https://feedsoft.ai/events/53239-palm-oil-players-warn-of-tougher-times-as-pandemic-hits-prices-malaysiakini
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Weaker food and biodiesel demand plus rising stocks keep palm oil under pressure, which weighs on vegetable oil prices and competing oils such as soybean oil.

## Read by commodity

- SBO: bearish ▼
- PALMOIL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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% |
| PALMOIL | 2020-02-05 | [Temporary drop on local palm oil prices due to coronavirus](https://feedsoft.ai/events/4960-temporary-drop-on-local-palm-oil-prices-due-to-coronavirus.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 | 2020-03-31 | [The price of sunflower and soybean in Ukraine in the near future may be reduced](https://feedsoft.ai/events/54255-the-price-of-sunflower-and-soybean-in-ukraine-in-the-near-future-may-be-reduced.md) | -6.2% | -7.8% |
| 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% |
| SBO | 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) | -4.1% | -17.2% |
| SBO | 2020-03-31 | [The price of sunflower and soybean in Ukraine in the near future may be reduced](https://feedsoft.ai/events/54255-the-price-of-sunflower-and-soybean-in-ukraine-in-the-near-future-may-be-reduced.md) | -0.1% | -5.8% |
| SBO | 2021-11-26 | [Algos and options turn a tumble into a crash on oil's Black Friday - The Business Times](https://feedsoft.ai/events/7080-algos-and-options-turn-a-tumble-into-a-crash-on-oil-s-black-friday-the-business.md) | -4.6% | -4.5% |

## Sources

- malaysiakini.com: https://www.malaysiakini.com/news/525345

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