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BMD CPO Gains Sharply As Govt Announces Stimulus Package

27 Feb 2020 4:59 pm
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MUMBAI (Commoditiescontrol)- Malaysian palm oil futures ended higher for a second straight day on Thursday as the government announced a package of measures to counter the coronavirus outbreak, which is set to weaken economic growth this year.

The May benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was up 41 Ringgit at 2,460 Ringgit a tonne by the close after moving in the range of 2,470 Ringgit and 2,407 Ringgit a tonne.

Interim Prime Minister Mahathir Mohamad said Thursday the government will dedicate 20 billion Ringgit (USD 4.8 billion) to support businesses affected by the virus, particularly in the tourism industry. The country may issue bonds for funding if necessary, he said.

The move follows fiscal steps taken in recent weeks by Indonesia, Singapore and Hong Kong to counter the economic impact of the virus. Indonesia said this week it will give incentives and tax breaks to businesses in a package worth 10.3 trillion rupiah (USD 737 million).

However, the overall sentiment is still bearish due to the rapid spread of coronavirus globally.

The spread of the coronavirus — which has now infected more than 81,000 people and killed over 2,700 — continues to rattle markets and policy makers around the world.

The European countries of Estonia and Denmark both reported their first confirmed cases of coronavirus Thursday morning.

It comes as China’s National Health Commission said there were 433 new confirmed cases and 29 additional deaths as of Feb. 26. South Korea, where there is the second largest outbreak after China, confirmed a surge of 334 more cases on Thursday morning, bringing the country’s total to 1,595. In Japan, a woman has tested positive for the virus for a second time.


       
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