Reuter (30/01/2020) KIEV (Reuters) - Ukrainian sunflower oil export prices fell over the past week due to expectations for a decrease in Chinese and Indian demand, analyst APK-Inform said on Thursday.
Sunoil prices fell to between $730 and $750 on a free-on-board (FOB) Black Sea basis as of Jan. 30 from $765 to $785 a week before, the consultancy said in a report.
It said the spread of coronavirus in China and an aggravation of the conflict between Malaysia and India could reduce demand from the two major importers of sunoil.
The virus, whose epicentre is the Chinese city of Wuhan, has killed 170 people in China and rattled global markets, with cases reported in at least 16 countries.
Palm oil prices were already under pressure after top buyer India restricted imports of refined palm oil and stopped all purchases from Malaysia following a diplomatic row between the two nations.
India, the world’s largest edible oil buyer, this month effectively halted Malaysian palm oil imports, apparently in retaliation against Malaysian Prime Minister Mahathir Mohamad’s comments criticising New Delhi over its policy on Kashmir.
Ukraine, which is the largest global exporter of sunflower oil, has increased its sunoil exports by around 60% so far in the Sept. 2019 to Aug. 2020 season, to 1.96 million tonnes.
Ukraine exported 6.063 million tonnes in the 2018/19 season, according to the Ukrainian sunoil producers’ association.
Read more at https://in.reuters.com/article/ukraine-sunoil-prices/ukraine-sunoil-prices-fall-on-chinese-virus-weaker-india-demand-idINKBN1ZT1GB