Palm Oil Will Remain Under Pressure After Lift Ban By Indonesia

Malaysian Palm Oil: futures bottomed around the MYR 6,000-per-tonne mark, a level not seen in over a month, pressured by a panic-induced sell-off in global markets and Indonesia’s decision to lift a ban on palm oil exports.

President Joko Widodo said that following improvement in the domestic cooking oil supply situation, Indonesia, the world’s top palm oil producer, will lift its export ban next week.

Putting a floor under prices were prospects of robust export demand from Malaysia after such a ban. Shipments from the world’s second-largest producer for May 1-15 rose 23.9% to 613,649 tonnes from the same week in April, data from cargo surveyor Societe Generale de Surveillance showed.