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.
Further development of the grain sector in the Black Sea and Danube region will be discussed at the 23 International Conference BLACK SEA GRAIN.KYIV on April 24 in Kyiv.
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