Malaysia lowers July crude palm oil reference price

KUALA LUMPUR: Malaysia has lowered its July crude palm oil reference price to a level that maintains the export duty at 10 percent, a circular on the Malaysian Palm Oil Board website showed on Monday.

The world’s second-largest palm exporter calculated a reference price of 4,346.79 ringgit ($1,074.61) per metric ton for July.

June’s reference price was 4,372.64 ringgit a ton, and incurred a duty of 10 percent.

The export tax structure starts at 3 percent for crude palm oil in a 2,250 to 2,400 ringgit-per-ton range. The maximum tax rate is set at 10 percent when prices exceed 4,050 ringgit a ton.