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Malaysian palm oil prices slipped slightly on July 28 after a rally of more than 7% over three sessions, with the October contract at 4,413 ringgit a tonne. Indonesia set its August crude palm oil reference price at $1,048.62 per tonne and cut its export tax to $93 per tonne while keeping the $175 levy unchanged.
Indonesia's lower export tax may increase its competitiveness against Malaysian palm oil, which limits upside for Malaysian prices. Supply disruption concerns from COVID-19 provide some support.
brecorder.comReutersJul 28, 2021Not enough comparable past events yet for a historical read.
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.
