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Palm Oil Industry To Operate At 60% Workforce As Malaysia Scrambles To Contain Infections

MYR

Spot USD/MYR holds close to unchanged levels, last +10 pips at MYR4.1445. Bulls need a clearance of May 24 high of MYR4.1497 before targeting MYR4.1590, which represents Mar 31 cycle high. Bears look for losses past the 50-DMA, today at MYR4.1257, before taking aim at the 200-DMA, which intersects at MYR4.1098.

  • Wednesday brought some bad news for Malaysia's palm oil industry. Planation Industries & Commodities Min Khairuddin Aman Razali said that the agricommodity sector (palm oil, rubber, cocoa, biodiesel) will operate at 60% workforce, owing to the local Covid-19 situation. Elsewhere, Khairuddin lamented Belgium's decision to ban the use of palm oil in biofuels, amid fears that it could inspire other countries to do likewise.
  • The Sultan of Johor called on the government to implement a full lockdown if Covid-19 case count continues to rise and urged residents to practice self-quarantine whenever possible. On Wednesday, Malaysia declared another record surge in new infections, while health authorities warned that the next two weeks would be critical.
  • Looking ahead, Malaysia's trade balance comes out this Friday.
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