News > Palm oil prices jump nearly 6% on Indonesia's export ban

Palm oil prices jump nearly 6% on Indonesia's export ban

Malaysian palm oil futures jumped nearly 6% on Monday to their highest in six weeks after top producer Indonesia said it plans to ban exports of the most widely used vegetable oil, stoking concerns over further tightening of world supplies.

The benchmark palm oil contract FCPOc3 for July delivery on the Bursa Malaysia Derivatives Exchange rose 320 ringgit, or 5.82%, to 6,725 ringgit ($1,548.11) a tonne in early trade, hitting its highest since March 11.