JAKARTA: Malaysian palm oil futures jumped the most in 11 years on Wednesday after sharp losses in the previous session, helped by expectations of lower output, although fears over the fast-spreading coronavirus capped the gains.
The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange rose as much as 9.1% in early trade.The market is correcting after the tumble on Tuesday, a Kuala Lumpur-based trader said.
Palm oil prices dropped 10% on Tuesday in their biggest drop in nearly 12 years, as the death toll from the virus rose sharply in China and some health experts questioned whether Beijing can contain the virus which has spread to more than 10 countries, including France and the United States.Palm oil prices were also seeing some support from likely lower production in January, two traders said.
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