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Indonesia set its crude palm oil reference price at $893.23 per tonne for May 16-31, down from $955.53 for May 1-15. The new price sets the CPO export tax at $74 per tonne and the levy at $95 per tonne.
The lower reference price cuts Indonesia's export tax and makes its palm oil more competitive in export markets. This adds supply pressure on global palm oil prices.
brecorder.comReutersMay 15, 2023After 400 past bearish policy events, Palm Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.3% to +1.1%), 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.
