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Palm Oil Racks Up To 7200 Ringgit As Indonesia Tighten Exports

Malaysian palm oil: futures skyrocketed to an all-time high of MYR 7,200 a tonne in the second trading week of March and are now up almost 50% since the beginning of 2022.

The sharp market moves came after Indonesia said it would tighten exports to improve domestic supplies.

The world’s top producer and exporter of palm oil will require producers to sell 30%, up from the current 20%, of their planned exports to the domestic market. Supply constraints and robust demand have been driving prices higher, while the Russia- Ukraine war lifted crude oil prices and boosted the appeal of vegetable oils.