How the commodity market has been affected by the coronavirus in China

This translation has been automatically generated and has not been verified for accuracy.A new coronavirus that has killed 170 people in China and spread to over a dozen other countries has roiled global commodity markets, raising fears of weaker demand and disrupting raw material supply chains in the world’s most populous country.

China is the second-largest oil refiner and a critical growth engine for the global economy, so any material contraction in Chinese economic activity is expected to have far-reaching repercussions across several industries. Greatly reduced mobility within China also hit gasoline demand, with Asia’s benchmark gasoline price falling the most in four years on Tuesday.Palm oil prices slumped as much as 10% on Tuesday as traders reacted to the widening shutdowns of offices, malls and factories within China.

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