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Indonesia's trade minister issued Regulation No.199/2024 on February 27, cutting the crude palm oil export duty from US$18/MT to US$3/MT. The temporary reduction takes effect March 1 and is set to be revoked on March 31, 2024.
A sharp cut in the export duty makes Indonesian palm oil cheaper for overseas buyers, likely boosting export demand and weighing on global palm oil prices in March.
globaltradealert.orgFeb 27, 2024After 399 past bearish policy events, PALMOIL moved a median -0.0% over 5 sessions (49% higher; middle half -1.3% to +1.1%), and +0.2% over 20.
After 351 past bearish policy events, SBO moved a median -0.0% over 5 sessions (49% higher; middle half -1.7% to +1.8%), and -0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
