Malaysia cuts crude palm oil benchmark price but maintains export duty rate
Malaysia has maintained the May export duty on crude palm oil at 10% but reduced the base price, the Malaysian Palm Oil Board (MBOP) said in a statement on Tuesday.
The world’s second-largest palm exporter calculated the base price at RM4,449.35 or $1,008.47 per tonne for May. The April base price was RM4,547.79 or $1,045.99 per tonne previously.
The export duty structure starts at 3% for crude palm oil ranging from RM2,250 to RM2,400 per tonne. The maximum duty rate is set at 10% when prices exceed RM4,050 per tonne.
MBOP previously reported that Malaysia’s palm oil production rose 17% in March, inventories are also rising, and biodiesel exports fell 64.46%. The council’s experts agree that rising palm oil inventories and resumption of production signal a price decline is coming.
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