A notice published on the Malaysian Palm Oil Board's website indicates that Malaysia has lowered the reference price for crude palm oil for September, while maintaining the export duty at 10%.
As a major global exporter of palm oil, Malaysia's decision to lower the September reference price—while keeping the export duty at 10%—will reduce export costs and enhance the competitiveness of its supplies in the international market. This move reinforces expectations of ample supply, exerting generally bearish pressure on both spot and futures prices for palm oil.
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