Malaysia keeps August crude palm oil export duty at 0 pct

Source: Xinhua| 2019-07-16 14:40:21|Editor: Wu Qin
Video PlayerClose

KUALA LUMPUR, July 16 (Xinhua) -- Malaysia, the world's second largest palm oil producer, has kept its crude palm oil (CPO) export duty for August at zero percent.

A circular of Malaysian Palm Oil Board (MPOB) showed Tuesday that the palm oil reference price for August is 1,905.38 ringgit (about 463.79 U.S. dollars) per ton, and no export duty will be imposed on any price below 2,250 ringgit.

Malaysia has in May extended palm oil export duty tax-exemption period to Dec. 31 from May 1, to allow industry players to take better strategies to increase palm oil exports and explore new markets.

According to MPOB, CPO prices stood at 1,877 ringgit as of Monday, down 7 percent from 2,019.50 ringgit at the beginning of the year.

KAF research said in a note on Tuesday that it maintained its CPO average price assumption at 2,200 ringgit for 2019.

"The high stockpile in Indonesia and Malaysia is expected to exert further pressure on CPO prices, ahead of rising output heading to third quarter," said the research house.