Malaysia and Indonesia move to cut rising palm oil stockpiles

PETALING JAYA: Malaysia and Indonesia, the world’s two largest producers of crude palm oil (CPO), are now playing the game of zero duties on CPO exports in efforts to bring down the huge build-up in palm oil stocks amid current weak prices and the narrowing of the CPO price discount to soybean.

Malaysia on Tuesday announced that it would revert to zero duties on CPO exports for May, after having recently reimposed a 4.5% export duty on CPO for April.