The Malaysian palm oil Council reported that Malaysia has kept the export tax for the month of August on crude palm oil at 8%, and raised its reference price.
The world’s second-largest exporter of crude palm oil calculated a reference price of RMB3, 614.28 (equivalent to about USD 800.15) per metric ton for August, according to Reuters.
Data from the Malaysian palm oil Council “MPOB”, earlier last week, showed that palm oil inventories in Malaysia rose at the end of June, but at a much slower pace than expected, with production declining, and exports increasing.
The data revealed that inventories in the world’s second largest producer of palm oil rose by 1.9% from the previous month, recording about 1.72 million metric tons, reaching its highest level in four months, far below Reuters expectations of an increase of 10.5%.
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