# Palm rises on higher Indonesian export levy, weak ringgit - Markets - Business Recorder

> 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.

- Date: 2023-06-30 · published 2023-06-30T12:00:00.000Z
- Category: policy · region Indonesia · magnitude medium
- Page: https://feedsoft.ai/events/6549-palm-rises-on-higher-indonesian-export-levy-weak-ringgit-markets-business
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md)

## Why it matters

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.

## Read by commodity

- PALMOIL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| PALMOIL | 2022-02-10 | [Palm rises as Indonesia expands export permit requirements - Markets - Business Recorder](https://feedsoft.ai/events/15843-palm-rises-as-indonesia-expands-export-permit-requirements-markets-business.md) | -0.2% | +19.9% |
| PALMOIL | 2022-07-13 | [Palm rises on Indonesia’s biodiesel mandate, lower exports cap gains - Markets - Business Recorder](https://feedsoft.ai/events/15804-palm-rises-on-indonesia-s-biodiesel-mandate-lower-exports-cap-gains-markets.md) | -5.7% | -3.0% |
| PALMOIL | 2023-11-02 | [Palm oil rises by more than 2% as Indonesia extends export curbs - Markets - Business Recorder](https://feedsoft.ai/events/33278-palm-oil-rises-by-more-than-2-as-indonesia-extends-export-curbs-markets.md) | +4.1% | +6.2% |
| PALMOIL | 2021-08-27 | [Indonesia Sept crude palm oil export reference price, export tax set higher - Markets - Business Recorder](https://feedsoft.ai/events/45440-indonesia-sept-crude-palm-oil-export-reference-price-export-tax-set-higher.md) | -1.4% | +1.9% |
| PALMOIL | 2023-10-12 | [Palm oil rises on demand, Indonesia’s move to keep exports flexible - Markets - Business Recorder](https://feedsoft.ai/events/33743-palm-oil-rises-on-demand-indonesia-s-move-to-keep-exports-flexible-markets.md) | +3.6% | +6.2% |

## Sources

- brecorder.com: https://www.brecorder.com/news/40250439

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.