Palm Oil Rises to Record as Indonesia Taxes May Tighten SupplyIndonesia's government, seeking to boost domestic cooking oil supply, said yesterday it would impose a 15 percent tax if palm oil exceeds $1,100 a metric ton, compared with 10 percent below that price. The vegetable oil jumped to a record 3,458 ringgit ($1,070) a ton today.
``All the vegetable oils are up -- governments will do something now,'' Ben Santoso, a plantation analyst at DBS Vickers Securities in Singapore, said by phone today.
This is a perfectly natural move for them to make, and it's going to hurt the US and Europe. Americans, in particular, are going to find out what Inflation is all about.
Monday, February 4, 2008
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