Palm oil prices fall on low demand fears

KUALA LUMPUR: Malaysian palm oil futures closed lower as worries over a disruption in demand deepened after several nations, including top buyer India, enforced lockdowns to stem the spread of the coronavirus. The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange ended 24 ringgit lower, or 1.01%, to 2,359 ringgit ($544.80) per tonne. The closure of major ports around the world is resulting in shipping operations going awry. This coupled with demand worries is adding to the selling pressure, said Paramalingam Supramaniam, director at Pelindung Bestari Sdn Bhd.