India’s edible oil markets braced for a sharp rise in prices after Indonesia banned on palm oil exports, but opinion was divided as to whether the spike will sustain for long because the Southeast Asia nation is sitting on a stockpile it must liquidate.
India and elsewhere palm oil is used in multiple things: cakes, frying fats, cosmetics and cleaning products. It accounts for nearly 60 percent of global vegetable oil shipments, and top producer Indonesia accounts for around a third of all vegetable oil exports.
Soybean oil, too, traded around record levels in Chicago on Indonesia’s sweeping ban while