Palm Oil Jumps as Traders Weigh Severity of Indonesia Export Ban
- Crude palm oil exports can continue while olein will be halted
- ‘Any correction in the market will be a prompt to buy:’ trader
Palm oil is loaded onto trucks at Karya Citra Nusantara (KCN) Marunda Port in Jakarta, earlier in January.
Photographer: Dimas Ardian/BloombergThis article is for subscribers only.
Palm oil rebounded as traders assessed the severity of Indonesia’s ban on cooking oil exports that sparked wild swings in the market.
Fears of a complete ban eased as Indonesia said it will only halt exports of RBD palm olein, a product that has been processed, while shipments of crude palm oil can continue. The move has threatened to tighten global vegetable oil supplies at a time of soaring food inflation fueled by the war in Ukraine.