JAKARTA - Palm oil storage tanks in Indonesia, the world's biggest producer of the commodity, may start brimming as producers hold stocks to comply with the government's move to ban exports of cooking oil and its raw materials to cool domestic prices.
Local prices of palm oil may only decline temporarily before they start to increase again in response to ensuing higher edible oil futures, said Mr Martono.Indonesia produces more than 50 million tonnes of palm oil a year and exports about 60 per cent of its output in the form of processed palm oil, including cooking oil and biodiesel.
Rapeseed Crush India, a top buyer, has sufficient supply of edible oils to cover for three to four weeks of demand, according to Mr Sandeep Bajoria, the chief executive officer of Mumbai-based Sunvin Group."Also, we have ample stocks of rapeseed right now, so we will crush more of rapeseed to boost our supplies. That will help us tide over this difficulty," he said.
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