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Indonesia extended its zero export levy on palm oil until October 31 after domestic cooking oil prices fell. Domestic retail cooking oil prices have dropped sharply from April and May levels.
The article says excess fresh fruit bunch stocks built up during the April export ban and that more is needed to help smallholder farmers.
Zero levy encourages exports and helps clear Indonesian stockpiles, adding supply to global palm oil markets. This is bearish for palm oil prices through October.
english.news.cnAug 30, 2022After 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.
