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Indonesia Makes About-Turn On CPO Ban

IDR

Spot USD/IDR has rallied after Indonesia's U-turn on the scope of its palm oil export ban and last deals +45 figs at IDR14,467, after printing a fresh cycle high of IDR14,475. Bulls look for further gains past the IDR14,500 mark and towards Jul 21/2 highs of IDR14,559/14,568. Bears would be pleased by a pullback under Apr 26 low of IDR14,398.

  • USD/IDR 1-month NDF last seen +42 figs at IDR14,528. Bulls look to a move through Apr 27 high of IDR14,566, while bears keep an eye on Apr 26 low of IDR14,407.
  • In a sudden flip-flop, Indonesia widened its palm oil export ban to include CPO, despite earlier noting that it would only applied to some processed products. The policy takes effect today as the government seeks to address domestic supply shortages. While the ban on shipments is temporary in nature, the U-turn undermines Indonesia's reputation as international trade partner.
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