News Formal

Business Maverick: Palm oil’s slump set to deepen after Indonesia lifts export ban

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 21 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 84%

Business News News

Business Business Latest News,Business Business Headlines

Futures were already lower this week on expectations Indonesia’s ban would be short-lived, and late on Thursday President Joko Widodo said that exports can resume from May 23. This is after considering improvements in domestic supply and prices, as well...

Palm oil has lost a major pillar of support after top producer Indonesia lifted a ban on exports, paving the way for prices to slump further as supply builds and demand languishes.

The tropical oil may tumble to 5,000 ringgit a ton by July or August because of ample supply in the market, said Tajgir Rahman, general manager of oils and wheat trading at Savola Foods. “A lot of demand destruction has happened in the last few months as palm has become expensive.” Ministers may announce further measures to manage domestic prices and the supply of cooking oil at 10 a.m. local time Friday.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Business Maverick: Stocks Selloff Deepens With Nasdaq 100 Sinking 3%: Markets WrapUS stocks extended declines as investors assessed the growth outlook as monetary policy tightens and the impact on earnings from higher prices. The dollar and Treasuries gained amid a pickup in haven bids.
Source: dailymaverick - 🏆 3. / 84 Read more »