Indonesia is expected to keep its export tax on crude palm oil at zero for a second month in November, industry sources said on Tuesday, as the top producer strives to remain competitive with rival grower Malaysia, which has also removed the tax.
Benchmark crude palm oil (CPO) prices have dropped almost 20 percent this year and hit a 5-1/2-year low of 1,914 Malaysian ringgit($586) a tonne last month in an oversupplied market.
In an attempt to give the market a boost, the world's No.2 palm oil producer, Malaysia, exempted the commodity from export taxes from September until the end of December.
reuters.com»
Benchmark crude palm oil (CPO) prices have dropped almost 20 percent this year and hit a 5-1/2-year low of 1,914 Malaysian ringgit($586) a tonne last month in an oversupplied market.
In an attempt to give the market a boost, the world's No.2 palm oil producer, Malaysia, exempted the commodity from export taxes from September until the end of December.
reuters.com»