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Malaysia's government kept its July 2023 crude palm oil export tax at the maximum 8% and lowered the CPO reference price to RM 3,604.73 per ton from RM 4,144.31 in June. Indonesia also set a lower CPO reference price of US$723.45/ton for 16-30 June.
Lower reference prices reduce the export tax and levy burden, which can support export competitiveness for palm oil, a key substitute in feed fats and oilseed meal markets. The tax structure keeps the top rate in place, so the effect on export prices is modest.
en.infosawit.comJun 24, 2023After 513 past neutral policy events, PALMOIL moved a median 0.0% over 5 sessions (50% higher; middle half -1.6% to +1.4%), and -0.1% over 20.
After 196 past neutral policy events, SBO moved a median +0.1% over 5 sessions (52% higher; middle half -1.6% to +2.0%), and -0.5% 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.
