The biggest vegetable oil importer in the world, India, has increased its purchases of palm oil, which could aid Malaysia in lowering its stockpiles and maintaining palm oil prices.
According to experts, despite reports of lower production in Indonesia, the world’s largest producer of palm oil, as well as other factors like higher demand, Ramadan-the Islamic month of fasting, DMO (domestic market obligation) restrictions by the Indonesian government, and other geopolitical concerns, the price of palm oil is still on the rise.
