Global market can't dictate Indonesia palm oil policy

Malaysian benchmark prices FCPOc3 climbed 30% in 2021, as output from top producers Indonesia and Malaysia slowed and global demand recovered from the impacts of the pandemic

JAKARTA: Indonesia's palm oil price should not be dictated by the external market, its trade minister said on Thursday, backing his decision to expand palm oil export curbs at a time of surging global prices from a global supply crunch.

The world's top palm oil exporter shocked the market a day earlierby announcing that palm companies must sell 30% of their planned exports at home, up from 20%, which sent Malaysian benchmark prices soaring by 10%.