September 21, 2019 / 1:48 AM / 3 months ago

Malaysia keeps Oct crude palm oil export duty at zero percent

KUALA LUMPUR, Sept 21 (Reuters) - Malaysia kept its export duty on crude palm oil for October unchanged at zero percent, according to a circular on the Malaysian Palm Oil Board’s website this week, citing the national customs department.

The duty has been at zero percent since September 2018.

Malaysia, the world’s second-largest producer of palm oil, calculated a palm oil reference price of 2,145.75 ringgit per tonne for October. Any price above 2,250 ringgit incurs a duty.

The Southeast Asian country said in May it would defer the imposition of export duties on crude palm oil to Dec. 31 in efforts to boost palm oil exports and expand into new markets.

Malaysian benchmark palm oil futures were last down 0.9% at 2,225 ringgit per tonne on Friday at the close. (Reporting by Liz Lee Writing by Emily Chow Editing by Robert Birsel)

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