Indonesia formally announced the rise in CPO export tax from US$93 in March to US$116 for April shipment after the calculated reference price was US$1093.83/ton or up US$57.61 month-on-month. This is the tenth successive monthly rise in the reference price. The rise was widely expected after futures prices on Bursa Malaysia and cash prices in Indonesia and Rotterdam rose sharply higher in February and March underpinned by a supply shortage and recovering export demand.
The reference price is announced after the 21st of each month after calculating the average CPO price based on Malaysia BMD, Indonesia ICDX, and Rotterdam export prices from the 21st to 20th of every month.
The export tax on RBD palm olein will rise to…
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