Traders are bracing for a glut of Indonesian palm oil after a clampdown on illicit exports by the world’s largest producer squeezes demand from European energy and transport suppliers.
The commodity is widely used in everything from chocolate bars to shampoo and biofuels but has come under increasing scrutiny from governments concerned its production requires large tracts of rainforest to be destroyed.
Palm oil traded on the Bursa Malaysia Derivatives exchange, the global benchmark, fell from a 30-month high of more than RM5,150 ($1,167) per tonne in December to less than RM4,200 ringgit in January after Indonesia curbed exports on used cooking oil and palm oil waste products.
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