Malaysia keeps Dec crude palm oil export tax at zero pct

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Malaysia maintained its export tax on crude palm oil for December at zero percent, according to a circular on the Malaysian Palm Oil Board’s website, citing the national customs department.

The export tax was at zero percent in November.

Malaysia is the world’s second-largest producer of palm oil.

The Southeast Asian nation calculated a palm oil reference price of 1,975.50 ringgit ($471.37) per tonne for December. Any price above 2,250 ringgit incurs a tax.

Malaysian benchmark palm oil futures were last up 2.4 percent at 2,014 ringgit a tonne at the close on Wednesday.

agriculture.com

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