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BMD CPO Faces Worst Weekly Loss In Over 11 Years

28 Feb 2020 4:24 pm
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MUMBAI (Commoditiescontrol)- Malaysian palm oil futures suffered sharpest weekly fall of 11.50 percent in over 11 years-worst week since October 2008- in the week ended February 28 amid sell-off in petroleum prices, concerns over demand due to the rapid spread of the coronavirus and on political impasse.

The May benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was down 137 Ringgit or 5.57 percent at 2,322 Ringgit a tonne by the close on Friday after moving in the range of 2,430 Ringgit and 2,288 Ringgit a tonne, the lowest intra-day level for most-active contract since October.

Palm oil prices declined nearly 11 percent this month, the second straight monthly drop as tumbling crude oil prices lowered the tropical oil’s attractiveness as a biofuel. The commodity has also fallen around 27 percent from its January's high.

Oil prices fell for a sixth straight session on Friday and were on track for about a 12 percent weekly fall, the biggest in more than four years, as the spread of the coronavirus outside China raised fears of slowing global demand.

The virus, which has killed more than 2,700 people in China, has been found in another 46 countries and caused 57 deaths. Investors worry the epidemic could turn into a pandemic and deliver a damaging blow to the global economy.

With new infections reported around the world now surpassing those in mainland China, the World Health Organization said on Thursday that all countries need to prepare to combat the coronavirus.

The ongoing political uncertainties in Malaysia also trigged selling in the market.

Meanwhile, the Yang di-Pertuan Agong will communicate with leaders of political parties with sitting MPs in the Dewan Rakyat so that they may nominate their candidates as prime minister, according to a statement by the Royal Palace today.

This is because the King is not convinced that any previously-named candidates has the trust of the majority of lawmakers to form a new government, said the statement.

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