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 on Wednesday when it announced that palm companies from Thursday must sell 30% of their planned exports at home, up from 20%, which sent Malaysian benchmark prices soaring by 10%.
The Malaysian benchmark price climbed 30% in 2021, as output from top producers Indonesia and Malaysia slowed and global demand recovered from
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