Malaysian Palm Oil: bottomed around the MYR 4,150-per-tonne mark, not far from a one-year low of MYR 3,700 touched last week, as weak fundamentals and a hostile macro-environment continued to hang over the market.
Top palm oil producer Indonesia increased its export quota and now allows palm oil producers to export seven times the amount it sold domestically, up from five times previously, to reduce high domestic inventories.
The world’s largest palm oil producer also plans to implement a 35% palm oil mix in biodiesel by the end of July and is considering cutting its palm oil export levy to encourage more shipments.
