The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange was little changed at 2,886 ringgit during the midday break, its lowest in a month. This week's fall of 7.9% is the biggest since September 2012.
India, the world's largest buyer of edible oils, last week restricted imports of refined palm oil and informally instructed traders to avoid purchases from Malaysia following a row over criticisms by Malaysia's prime minister over India's new citizenship law and actions in Kashmir. The market is also wrestling with a drop in production, with refineries running at half their capacity as mills are not supplying enough crude palm oil for processing, Paramalingan said.Higher demand for biodiesel from top suppliers Malaysia and Indonesia and tightness in supply are supporting prices.
Benchmark palm oil prices will not rise above 3,300 ringgit per tonne in the first half of 2020 and their recent rally has eliminated competitive edge over rival edible oils, industry analyst James Fry said.
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