COVID-19, OIL PRICE CRASH SEND CPO FUTURES TO LOWER CLOSE (SCREEN)

NIAM SEET WEI

KUALA LUMPUR, March 9 -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives extended last week's losses to finish lower today, as a double whammy of COVID-19 and crude oil price crash sent global equities, commodities, bonds and currencies spiralling downwards. 

Singapore-based Palm Oil Analytics’ owner and co-founder Dr Sathia Varqa said crude oil prices were in the eye of the storm today, sinking to a 29-year low (lowest since 1991).

"The fall in crude oil prices had sent shock waves throughout the global markets, and palm oil was not spared.

"Adding to the woes is the dismal March 1-10, 2020 palm oil export outlook, which is estimated to be down 19 per cent (from the same period in the previous month)," he told Bernama.