After the Indonesian Presidential announcement yesterday, the Ministry spelled out the details of the export cancellation today.
Indonesia domestic market obligation is reinstated with the government aiming to set aside 10 million tons of cooking oil for domestic supply, avoiding setting any percentage ratio of domestic : export like previously. This means Indonesia is back into the global market but not as a full participant giving Malaysia an advantage over Indonesia. CPO futures rebounded strongly following the press conference by the Indonesian economic minister.
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