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Asian palm oil buying interest slowed in the week ending May 21 as traders waited for Indonesia's decision on its $255/mt export levy. Sources said a $100/mt cut has been proposed and could be announced in coming weeks, but no official announcement had been made.
Buyers are holding off until the levy outcome is known, which reduces near-term demand and pressures palm prices. A cut would lower Indonesian export costs and could boost export supply.
spglobal.comMay 20, 2021After 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.
