Indonesia Rescinds Palm Oil Export Ban
Indonesia ended its export ban on palm oil less than four weeks after it began, the Hong Kong Trade Development Council reported June 1. The ban was originally put in place to reduce the domestic price of bulk cooking oil…
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and ensure supply (see 2205110014), but the country now has more than enough cooking oil despite some still high prices, the report said. The ban had applied to crude palm oil and certain derivative products, the report said, and had caused global palm oil prices to jump by more than 200%.