Malaysian palm oil futures jumped almost 8.5% on Monday, tracking gains in soyoil for their biggest daily rise in four months, although Indonesia’s move to lift its export levy weighed on sentiment.
The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange jumped 308 ringgit, or 8.49%, to 3,937 ringgit ($884.52) a tonne, its biggest daily gain since March 9.
Indonesia has scrapped an export levy for all palm oil products until Aug. 31 in a fresh attempt to boost exports and ease high inventories, finance ministry officials said on Saturday, adding that the move would not disrupt government revenue.
Dekel Agri-Vision PLC (LON:DKL) aspires to become a leading agro-industrial company in West Africa, one that creates value for shareholders whilst at all times placing the interests of the local communities and environment in which it operates in at the heart of its operations.