Indonesia’s surprise ban on palm oil exports offers Nigeria a lucrative opportunity to plug the gap as international buyers scramble for alternatives, but Nigeria is just unable to seize the moment in a market it once dominated. Palm oil, the most produced, consumed and traded edible oil in the world followed by soybean oil, rapeseed oil and sunflower seed oil, rallied this week after Indonesia, the world’s biggest exporter, said on Friday it will ban all exports from April 28 to deal with rising domestic cost of edible oil. The unexpected announcement threatens to worsen global food inflation already aggravated by Russia’s invasion of Ukraine. Both countries produce most of the world’s sunflower oil. Indonesia stepped back a bit on Tuesday, announcing that it will exclude crude palm oil from the ban, while the shipment of refined palm oil called RBD palm olein will continue. In response to the latest news, palm oil futures for July delivery rose seven per cent to 6,799 ringgit ...
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