KUALA LUMPUR: Malaysian palm oil futures extended gains on Wednesday, after the world’s second-largest producer lowered its exports tax reference price.

The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange gained 13 ringgit, or 0.31%, to 4,195 ringgit ($939.74) a tonne during early trade.

Malaysia has maintained its September export tax for crude palm oil at 8% and lowered its reference price, a circular on the Malaysian Palm Oil Board website showed on Wednesday.