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Malaysia kept its May crude palm oil export tax at 8% and raised the reference price to 4,063.58 ringgit per tonne from 4,031.45 in April. The tax structure starts at 3% and reaches its 8% maximum when prices exceed 3,450 ringgit per tonne.
The article was published by Reuters on 17 April 2023.
The export tax is already at its maximum rate, so the small reference price increase has little effect on export flows. The move is routine and unlikely to shift prices.
brecorder.comReutersApr 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.
