Workers load palm oil seeds onto a truck at the Namorambe plantation in Deli Serdang, North Sumatra. - AFP
JAKARTA, May 21 (Bloomberg): 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.
Futures were already lower this week on expectations Indonesia’s ban would be short-lived, and late Thursday President Joko Widodo said that exports can resume from May 23. This is after considering improvements in domestic supply and prices, as well as the 17 million workers in the industry, he added.
Already a subscriber? Log in.
Subscribe now and receive FREE sooka plan for 1 month.
T&C applies.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
