# Palm oil edges lower after three-day rally - Markets - Business Recorder

> Malaysian palm oil prices slipped slightly on July 28 after a rally of more than 7% over three sessions, with the October contract at 4,413 ringgit a tonne. Indonesia set its August crude palm oil reference price at $1,048.62 per tonne and cut its export tax to $93 per tonne while keeping the $175 levy unchanged.

- Date: 2021-07-28 · published 2021-07-28T12:00:00.000Z
- Category: market · region Indonesia · magnitude low
- Page: https://feedsoft.ai/events/46160-palm-oil-edges-lower-after-three-day-rally-markets-business-recorder
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md)

## Why it matters

Indonesia's lower export tax may increase its competitiveness against Malaysian palm oil, which limits upside for Malaysian prices. Supply disruption concerns from COVID-19 provide some support.

## Read by commodity

- PALMOIL: neutral

## Sources

- brecorder.com: https://www.brecorder.com/news/40109603

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.