Palm oil rises on Malaysia floods, higher Indonesian export tax
Malaysian palm oil futures rose on Tuesday, underpinned by supply concerns due to floods in peninsular Malaysia and a higher Indonesian export tax and levy in December, but an expected decline in November exports capped gains.
The Bursa Malaysia Derivatives Exchange’s benchmark contract for February delivery was up RM32 or 0.65 per cent, to RM4,987 (US$1,116.16) a metric ton by the midday break.
Supply concerns emerged as peninsular Malaysia was hit by floods that officials fear could be the worst in a decade, which could affect palm oil production, a Kuala Lumpur-based trader said.
A higher export tax and levy by the world’s biggest palm oil exporter Indonesia is also supporting prices, the trader said.
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