KUALA LUMPUR (April 12): Malaysia’s March 2021 crude palm oil (CPO) output charted its first month-on-month gain in six months after climbing 28.4% as CPO production across Peninsular Malaysia, Sabah and Sarawak increased.
In a statement, the Malaysia Palm Oil Board (MPOB) said Peninsular Malaysia posted a 31.3% gain in production to 821,947 tonnes, while Sabah and Sarawak reported increases of 29.9% and 19.9% to 299,904 tonnes and 301,503 tonnes respectively.
CPO stocks increased 12.4% to 742,742 tonnes, while processed palm oil stocks increased 9% month-on-month, translating to a 10.7% increase in total palm oil stocks to 1.44 million tonnes.
Meanwhile, total palm kernel oil stocks fell 7% to 251,755 tonnes.
Palm oil exports for the month increased 31.8% to 1.18 million tonnes, while palm kernel oil exports rose 45.7% to 94,073 tonnes.
KUALA LUMPUR: Malaysia is maintaining the export tax for crude palm oil (CPO) at eight per cent for April 2021.
In a circular posted on the Malaysia Palm Oil Board s website, the Royal Malaysian Customs Department said the eight per cent export duty rate was set after the CPO market price surpassed RM3,450 per tonne.
Malaysia, which is the world s second largest palm oil producer and exporter, calculated a reference price of RM4,331.48 per tonne for April.
The export tax structure starts at three per cent for CPO in a RM2,250 to RM2,400 per tonne range. The maximum tax rate is set at eight per cent when prices exceed RM3,450 ringgit per tonne.
KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to trade higher next week, buoyed by expectations of lower production in the coming weeks.