Comments On Palm Oil Exports Eyed In Indonesia

Spot USD/IDR dropped as onshore markets re-opened, shedding 17 figs so far to last change hands at IDR15,001. Bulls look for a rally above Jul 22 high of IDR15,038 before taking aim at May 5, 2020 high of IDR15,138. Bears look for losses past Jul 18 low of IDR14,955.

• USD/IDR 1-month NDF last +9 figs at IDR15,028. A break above Jul 21 high of IDR15,133 would turn focus to Jul 15 high of IDR15,190. Bears would be pleased by a dip through Jul 8 low of 14,966.
• MYR/IDR trades at IDR3,369, down ~3 figs on the day. Bearish focus falls on Jul 19/Jun 27 lows of IDR3,359/3,358 and a break here would expose May 20 high of IDR3,349. Bulls need a move through the IDR3,400 mark to reinstate topside momentum.
• SGD/IDR last +11 figs at IDR10,807, with bulls keeping an eye on Jun 30, 2021/May 26, 2021 highs of IDR10,821/10,830. Bears look for a sell-off towards the 50-DMA/Jul 12 low at IDR10,656/10,636.
• Analysts are questioning the sustainability of Indonesia's record trade surplus in the first half of the year, with palm oil prices expected to extend their rout.
• Trade Minister Hasan will speak on crude palm oil exports today alongside acting Chairman of Indonesia Palm Oil Board Sinaga and Chairman of Palm Oil Farmers Association Manurung.