Commodities Buzz: Palm Oil Supported After Indonesia Hit With Large Scaled Earthquake

22 Nov 2022 , 12:38 PM

Palm oil futures edged stayed supported today after the leading global producer of the commodity Indonesia was hit with a large scaled earthquake. The commodity has been sliding recently, as concerns of COVID-19 lockdown in China weigh on demand expectations. The benchmark palm oil contract on the Bursa Malaysia Derivatives Exchange is currently quoting at 3825 Malaysian Ringgit, almost unchanged on the day but witnessing some buying after a 10% decline last week. Export demand is fairly good. Exports of Malaysian palm oil products for November 1-20 jumped around 10% to 997,216 tonnes, compared to shipments during Oct. 1-20, cargo surveyor Intertek Testing Services said on Sunday, according to media reports. A 5.6 magnitude earthquake on the main Indonesian island of Java has killed scores of people and injured hundreds. Powered by Commodity Insights