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Indonesia set its crude palm oil export levy at 7.5% of the reference price, effective September 21, cutting the duty to US$63 per ton from US$90. Processed palm products will face levies of 3% to 6%.
The move aims to make Indonesia more competitive than Malaysia, the second-largest producer.
A lower Indonesian export duty undercuts Malaysian palm oil in export markets, adding pressure on benchmark futures that have already fallen over 10% since April.
freemalaysiatoday.comBloombergSep 19, 2024After 400 past bearish policy events, Palm Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.3% to +1.1%), and +0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
