Palm oil jumped more than 5%, while rival soybean oil hit a fresh record high as traders prepare for the start of Indonesia’s export halt.
Malaysia, the world’s second-biggest producer, is set to see a surge in demand for its products after top grower Indonesia said it will ban exports of RBD palm olein from April 28 to protect domestic supply. Crude palm oil shipments can continue. The move will remain in place until domestic cooking oil prices ease.
The policy has roiled the global US$50 billion palm oil market as Indonesia initially said it would ban all exports of cooking oil before clarifying days later…
