Palm oil market looks 6000 RM??
PALM OIL MARKET FUTURE :
Well in regards to market that moving the prices in upward trajectory is mainly Indonesia imposing restrictions on export of Palm oil and introduction of B40 testing and road map for implementation.
The market is at all time high, supported by soft oil price. India purchases will see short term shift to Soft oil and Malaysia. But might effect the demand factor effecting future exports. Restrictions are for 6 months effective this week and prices have seen a rally already.
On other providing a subsidy of 7.6 trillion rupiah for domestic use in Indonesia will further increase the local demand give boost to local consumption Which will drag the prices further up as we see as the restrictions in place with high speculations on ban on export will drag Malaysian oil prices to sky due to its limited supply.
6000 RM range for Olein is highly possible, but market is still uncertain on Indonesian restriction how it will play out or whether it will be reversed.
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