Malaysia reduces crude palm oil exports duty for May to 4.5 pct

0 Comment(s)Print E-mail Xinhua, April 13, 2020
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KUALA LUMPUR, April 13 (Xinhua) -- Malaysia, the world second largest palm oil producer, has cut its crude palm oil (CPO) exports duty for May to 4.5 percent, from 5 percent in April, official data showed Monday.

Industry regulator Malaysian Palm Oil Board (MPOB) said in a circular that the palm oil reference price for May is 2460.89 ringgit (about 569.32 U.S. dollars) per ton, and no export duty will be imposed on any price below 2,250 ringgit.

Last , MPOB announced on Friday that Malaysia's palm oil stock rose 1.67 pct month on month to 1.73 million tonnes in March.

Its CPO palm oil production grew 8.44 percent month on month to 1.4 million tonnes. Palm oil exports jumped 9.15 percent to 1.18 million tonnes.

In a note on Monday, Maybank Kim Eng said it expects seasonally higher output in the coming months to cap near term upside to CPO price.

The Malaysian research house projected CPO price to trade between 2,100 to 2,400 ringgit per ton in the second quarter before it trends seasonally lower in the third quarter as output picks up, but strengthens towards end of the year. Enditem

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