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Malaysian palm oil futures rose 1.23% in early trade on June 30, heading for their first monthly gain in four. The rise followed a higher Indonesian export levy and a weaker ringgit.
The September contract was up 18.8% for the month but down nearly 9% in the first half of the year.
A higher Indonesian export levy raises the cost of Indonesian palm exports, which tightens global palm supply and supports prices. A weaker ringgit also lifts ringgit-denominated prices.
brecorder.comReutersJun 30, 2023After 548 past bullish policy events, Palm Oil moved a median +0.4% over 5 sessions (61% higher; middle half -0.7% to +2.1%), and +0.9% 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.
