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Palm Oil Policy Tweaks Remain Front & Centre

IDR

Spot USD/IDR has extended its bullish run as it gapped higher at the re-open, but buying momentum petered out thereafter. The rate last deals at IDR14,579, up 17 figs on the day, with bulls looking to a move through May 31 high of IDR14,598 before targeting May 20 & 23 highs of IDR14,678. The key near-term bearish target is provided by Jun 3 low of IDR14,423.

  • USD/IDR 1-month NDF last -15 figs at IDR14,592 as initial gains have evaporated. Bears look for losses towards Jun 2 low of IDR14,393, while bulls keep an eye on May 24 high of IDR14,708.
  • Indonesia revised its rule on palm oil export tax, setting its maximum rate at $288/ton for CPO trading north of $1,500/ton. The revised rule takes effect today.
  • Palm oil farmers have complained that their businesses are suffering, as farm gate prices remain subdued despite the removal of temporary export ban some two weeks ago.
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