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Malaysia kept its November 2023 crude palm oil export duty at 8% and lowered the reference price to 3,556.08 ringgit per metric ton from October's 3,710.50 ringgit. The maximum tax rate applies when prices exceed 3,450 ringgit a ton.
An unchanged export duty leaves Malaysian palm oil export costs steady, so the reference price cut has little direct effect on palm oil prices. Buyers of palm-based feed ingredients should expect stable export economics for the month.
brecorder.comReutersOct 17, 2023After 513 past neutral policy events, Palm Oil moved a median 0.0% over 5 sessions (50% higher; middle half -1.6% to +1.4%), and -0.1% 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.
