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Indonesia will set its February 2017 crude palm oil export tax at $18 per tonne, up from $3 in January, because the government's reference price is seen at $815.52 per tonne, above the $800 threshold. The trade ministry announced the change on Friday.
GAPKI said the higher tax may push planters to sell more domestically.
A higher export tax makes Indonesian palm oil less competitive abroad and may divert supply to domestic biodiesel, which tends to tighten world vegetable oil supply and support palm and soybean oil prices.
indonesia-investments.comIndonesia InvestmentsJan 27, 2017
reuters.comJan 27, 2017After 548 past bullish policy events, Palm Oil moved a median +0.4% over 5 sessions (61% higher; middle half -0.7% to +2.1%), and +0.9% over 20.
After 842 past bullish policy events, Soybean Oil moved a median +0.2% over 5 sessions (52% higher; middle half -1.6% to +2.1%), 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.
