Indonesian wildfires push palm-oil prices to 4,975 ringgit per ton
Business
Wildfires in Indonesia are shaking up the global palm oil market, with prices climbing as much as 0.9% to 4,975 ringgit ($1,229) per ton on Monday.
The fires, made worse by this year's intense El Nino, are blanketing Southeast Asia in haze and making it harder to get palm oil from farm to table.
Harvesting disrupted in Borneo and Sumatra
Thick smoke from the fires is blocking sunlight that palm fruits need to grow, while many workers have had to stop harvesting to help fight the flames.
More than 202,000 hectares in Borneo and Sumatra have burned so far, even affecting air quality in Malaysia and Singapore.
On top of that, rising crude oil prices mean more demand for palm oil as a biofuel alternative.