Palm Oil is down by 5.02%

Palm Oil: Decreased by 5.02% to 6370 MYR/T but not far from a record high of MYR 7,200 a tonne 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.