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Coronavirus lockdowns during Ramadan and Hari Raya are expected to keep palm oil demand from Muslim-majority importers such as India, Pakistan, Bangladesh, Saudi Arabia and Iran well below its usual seasonal peak. Purchases picked up in early March but slumped as lockdowns spread, and Malaysia's March palm oil exports fell 27% year on year.
Malaysia's benchmark crude palm oil price has already dropped nearly 30% since January 23.
Missing the Ramadan restocking window removes a key source of seasonal demand, which adds downward pressure on Malaysian crude palm oil prices and on vegetable oil values more broadly.
staging.malaysiakini.comReutersApr 21, 2020After 158 past bearish trade events, Palm Oil moved a median +0.0% over 5 sessions (51% higher; middle half -1.3% to +0.8%), and -1.4% 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.
