Malaysia kept its export duty on crude palm oil for August unchanged at zero per...
FILE PHOTO: Indonesian worker Abdul Rahim Gani, 32, carries oil palm fruits at Felda Bukit Cerakah in district of Klang outside Kuala Lumpur April 16, 2014. REUTERS/Samsul Said/File Photo
KUALA LUMPUR - Malaysia kept its export duty on crude palm oil for August unchanged at zero percent, according to a circular on the Malaysian Palm Oil Board’s website on Tuesday, citing the national customs department.Malaysia, the world’s second-largest producer of palm oil, calculated a palm oil reference price of 1,905.38 ringgit per tonne for August. Any price above 2,250 ringgit incurs a duty.
The Southeast Asian nation said in May it would defer the imposition of export duties on crude palm oil to Dec. 31 in efforts to boost palm oil exports and expand into new markets. Malaysian benchmark palm oil futures 1FCPOc3 were down 0.4% at 1,981 ringgit per tonne in early trade on Tuesday.
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