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Indonesia's government extended its zero US$/mt crude palm oil export levy from November 1, 2022, following a meeting of the palm oil fund steering committee led by Coordinating Minister Airlangga Hartarto. The exemption will stay in place until December, and will end once the CPO reference price reaches US$800/mt.
The reference price was about US$713/mt at the time.
Removing the export levy lowers the cost of Indonesian palm oil exports, which supports export demand and firms palm oil prices. The policy's end trigger is tied to a price level, so a rally toward US$800/mt would remove that support.
setkab.go.idNov 1, 2022After 548 past bullish policy events, Palm Oil moved a median +0.4% over 5 sessions (61% higher; middle half -0.7% to +2.1%), and +0.9% 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.
