Palm Dips as Worries of New Covid-19 Cases Drag Sentiment

Kuala Lumpur: Malaysian palm oil futures fell 0.42% on Wednesday, as concerns over rising new coronavirus infections weighed on investors’ mood. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange dropped to 2,346 ringgit a tonne by 0256 GMT.

Palm oil futures ended higher on Tuesday, helped by expectations of importers stocking up on the commodity in case of further coronavirus-led lockdowns and a recovery in prices of rival oils. Oil prices retreated on Wednesday, weighed down by an increase in U.S. crude inventories and worries about a potential second wave of the COVID-19 pandemic.

View entirety: Economic Times