Elaeis guineensis originally grew in West Africa. The southern coast of Nigeria was originally called the Palm oil coast by the first Europeans who arrived there and traded in the commodity. This area was later renamed the Bight of Biafra. In traditional African medicine different parts of the plant are used as laxative and diuretic, as a poison antidote, as a cure for gonorrhea, menorrhagia, and bronchitis, to treat headaches and rheumatism, to promote healing of fresh wounds and treat skin infections. In Malaysia, the first plantations were mostly established and operated by British plantation owners, such as Sime Darby and Boustead,
Commodity market Commodity market A commodity market is a market that trades in primary economic sector rather than manufactured products. Soft commodities are agricultural products such as wheat, coffee, cocoa, fruit and sugar. Hard commodities are mined, such as gold and oil. Investors access about 50 major commodity markets worldwide with purely financial transactions increasingly outnumbering physical trades in which goods are delivered. Futures contracts are the oldest way of investing in commodities. Futures are secured by physical assets. Commodity markets can include physical trading and derivatives trading using spot prices, forwards, futures, and options on futures. Farmers have used a simple