Malaysia's commodities minister says crude palm oil price weakness is temporary
An Indonesian migrant worker, Ari Rohman, pushes a cart as he collects bunches of palm oil fresh fruit during harvest at a plantation in Banting, Selangor, Malaysia, June 10, 2022. Picture taken June 10, 2022. REUTERS/Hasnoor Hussain/File Photo
The weakness in crude palm oil prices is temporary as demand from top consumer China is expected to pick up after it relaxes its Covid-19 restrictions, Malaysia's Commodities Minister Zuraida Kamaruddin said on Monday.
Concerns about demand worsening due to an global economic slowdown amid high inflation, rising interest rates and recession fears, are temporary as China can be expected to gradually relax its zero-Covid policy that has hindered palm oil consumption and demand, she said in a statement.
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