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CPO futures strengthens further on Indonesia's plan to suspend some export permits

7 Feb 2023 4:02 pm
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Malaysian Crude Palm Oil (CPO) futures rose for a second session on Tuesday, supported by supply worries following top exporter Indonesia's plan to suspend some existing export permits and after smaller Malaysian stockpiles forecasts.

The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange rose 85 ringgit, or 2.21%, to 3,936 ringgit ($916.41) a tonne by the midday break.

Senior cabinet minister Luhut Pandjaitan said Indonesia would suspend some existing palm oil export permits until the end of April as exporters had accumulated large quotas for shipments from late last year.

Dalian's most-active soyoil contract gained 0.77%, while its palm oil contract rose 1.76%. Soyoil prices on the Chicago Board of Trade were up 0.39%.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

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