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Malaysia's commodities minister says crude palm oil price weakness is temporary

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 on Jun 10, 2022. (File photo: Reuters/Hasnoor Hussain)

KUALA LUMPUR: 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 (Oct 3).

Concerns about demand worsening due to a 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.

Source: Reuters/st
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