Crude palm oil declines on Indonesia govt's export duty cut

MTECHTIPS

Crude palm oil declines on Indonesia govt's export duty cut

Reacting sharply to the Indonesia government’s decision to cut export duty, crude palm oil (CPO) declined in early Tuesday trade on the Multi Commodity Exchange (MCX).
The commodity for delivery in December fell by 1.84% to Rs 437 per 10 kgs.
CPO in the benchmark Bursa Malaysia declined marginally by 20 ringgit to trade at 2330 ringgit a tonne in mid-afternoon Malaysian session. Meanwhile, analysts believe that Malaysian palm oil still targets 2,379 ringgit per tonne, as a rebound from the October 3 low of 2,230 ringgit has completed and a preceding downtrend has resumed.The government of Indonesia cut export tax on crude palm oil (CPO) to 9% for November from 13.5% in October. The reduction in duty, however, is expected to help cut edible oil prices at least by Rs 5 a kg.

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