Palm Oil Prices Ease Off Record Highs Report


Malaysian palm oil futures: bottomed around MYR 5,400, pulling back from a record high of MYR 5,750 hit in January as prices of other edible oils eased.

Also, expectations grew that the stockpiles would remain stable as both production and exports plunged to an 11-month low at the end of January.

Meanwhile, Indonesia, the world’s biggest oil exporter, has issued permits for a combined 310,000 tonnes of crude palm oil shipments after reversing a complete export ban. Still, the authorities made it mandatory for palm oil producers to sell 20% of their output to domestic consumers at fixed prices