KUALA LUMPUR/BEIJING: The double-whammy to palm oil demand from a trade spat with India and the coronavirus in China is likely to prove only temporary, according to FGV Holdings Bhd, one of the world’s largest producers. India and China are the two biggest importers of palm, the world’s most consumed cooking oil. Malaysian February spot prices were trading at 2,885 ringgit a ton on Feb. 7, according to the Malaysian Palm Oil Board. Malaysia’s pilgrim fund Lembaga Tabung Haji owns the rest of Trurich, which controls 42,000 hectares of oil palm estates in Kalimantan, Indonesia. The sale became more protracted than anticipated partly because valuations had to be adjusted after the sudden surge in palm oil prices, he said.

Source: The Star February 10, 2020 13:30 UTC