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GAPKI, the Indonesian Palm Oil Association, said rising output of rival vegetable oils has pushed the average CPO price above other vegetable oils since October 2023. It also said Indonesian policies such as the domestic market obligation and the earlier export ban have made its palm oil less competitive against Malaysia.
Cheaper sunflower, rapeseed and soybean oils, plus China and India seeking alternatives, could reduce Indonesian palm export demand and pressure palm prices.
gapki.idadminMay 4, 2024After 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.
