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Indonesia cut its crude palm oil reference price for October 16-31 to $713.89/mt from $792.19/mt, lowering its export tax to $3/mt from $33/mt. Indonesia has also waived its palm export levy since July 15, and traders expect the waiver to run to December.
Cheaper Indonesian palm, offered at discounts of $40-50/mt below Malaysian palm, is likely to pull Indian and other buyers away from Malaysian supply. That weighs on Malaysian palm prices.
spglobal.comNurul DarniOct 17, 2022After 158 past bearish trade events, Palm Oil moved a median +0.0% over 5 sessions (51% higher; middle half -1.3% to +0.8%), and -1.4% 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.
