NEW DELHI, May 19 (Commoditiescontrol) - Malaysian palm oil futures fell over 1 percent on Thursday as Indonesia has decided to lift its palm oil export ban from Monday, May 23.
The August benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was down Ringgit 60 at Ringgit 6,074 per tonne by the close, after moving in the range of Ringgit 6,169 and Ringgit 6,003 per tonne.
Indonesia will lift its palm oil export ban from Monday, May 23, following improvements in the domestic cooking oil supply situation, President Joko Widodo said on Thursday.
The decision to lift the ban was taken despite the price of bulk cooking oil having not yet reached the targeted 14,000 rupiah per litre price, as the government considers the welfare of 17 million workers in the palm oil industry, the president said in a video statement.
(By Commoditiescontrol Bureau)
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