Palm Oil is up by 5.16%

oil futures

Palm Oil: increased 5.16% to 3834 MYR/T, following a decline in exports from Malaysia, the world’s second-largest producer, as rival producer Indonesia scrapped its export levy.

According to cargo surveyors data, exports from Malaysia during July 1-25 fell 11.3% from the same period in June, while independent inspection company AmSpec Agri Malaysia said exports dropped 2.7%.

Meantime, Indonesia, the top palm oil producer, has removed a levy on vegetable oil exports until August 31st, attempting to clear the current high palm oil stockpiles and boost exports.

It also plans to implement a 35% palm oil mix in bio-diesel by the end of July and is considering cutting its palm oil export levy to encourage more shipments