Palm Oil Prices De-escalate To 5615 Riggint Per Ton As Decreased In Crude price and Low Demand

Palm Oil: decreased to a 5-week low of 5615 MYR/T, pressured by a slump in crude prices and Indonesia’s decision to remove its export restrictions on palm oil products.

The world’s top producer has raised its export levy instead of asking producers to sell 30% of their planned exports to the domestic market, marking a new bid to stabilize domestic prices.

On top of that, the Malaysian Palm Oil Council forecast a slight rise in 2022 global output, with Malaysia’s production seen at 18.9 million tonnes and Indonesia’s at 47.1 million tonnes.

Still, fundamentals in the palm oil complex continue to be supported by tight supply due to the drought season in South America and supply bottlenecks for sunflower oil in the Black Sea region