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Market Update: Palm Oil Recovers Some Ground on Demand Hopes
Malaysian palm oil futures rebounded to above RM3,400 a tonne, on expectations of higher demand and tracking other edible oils higher. The palm oil market has been under pressure amid a drop in exports and Indonesias plan to revise export tax. Indonesia’s authorities intend to cut their crude palm oil export levy, leading to more competition to gain export market shares and likely pressuring prices. Last week, palm oil declined 6.5% after India put on hold a proposal to reduce import taxes on edible oils. Elsewhere, Malaysia maintained its July export tax for crude palm oil at 8%. The palm oil market rallied to an all-time record of RM4,506 a tonne on May 12th amid tight global edible oil supplies and a shortage of migrant workers on Malaysias plantations due to a prolonged freeze on hiring by the government due to Covid-19. [/s2If]
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