China and India demand boosts palm oil price despite EU pressure

EU moves to phase out commodity present long-term price risks, analysts warn

The index price for palm oil on the Bursa Malaysia Derivatives Exchange was 3,064 ringgit a ton as of mid-October, up 38% from a year earlier. © Reuters

RURIKA IMAHASHI and ERWIDA MAULIA, Nikkei staff writers

October 25, 2020 17:09 JST

TOKYO/JAKARTA -- Palm oil prices are rising, due to recovering demand from China and India and labor shortages in producing countries as a result of the coronavirus pandemic.

The index price on the Bursa Malaysia Derivatives Exchange was at 3,064 ringgit ($737) a ton as of mid-October, up 38% from a year ago. In August it hit its highest level since January, reaching 3,100 ringgit a ton.