Malaysia raises CPO reference price to the highest in 21 months for May, export tax rate stays at 8% | May CPO ref

 

Malaysia has raised its crude palm oil (CPO) reference price for May to 4,273.93 ringgit per tonne ($897.30) – the highest in 21 months and up a whopping 315.35 ringgit from 3,758.58 ringgit per tonne in April—figures from the Malaysian Palm Oil Board (MPOB) circular showed.

The increase in reference price keeps the export tax rate for CPO unchanged at 8% but raises the payable export tax to 341.91 ringgit per tonne from 316.69 ringgit per tonne in April.

A sustained rise in cash and futures prices driven by tight supply amidst a solid increase in export demand propelled palm complex prices to test over a year-high levels at the start of April.