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

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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.

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