Crude palm oil rises to high of RM3,330

Malaysia has no plans to extend a tax exemption on crude palm oil exports beyond 2020.

KUALA LUMPUR: Crude palm oil futures for third month delivery climbed to a high of RM3,330 as investors assessed lower import levies in top buyer India and dwindling Malaysian exports of the tropical oil.

Prices are moving in a choppy range, and this will continue until there’s more clarity on supplies in the Malaysian Palm Oil Board (MPOB) report next week, said Gnanasekar Thiagarajan, head of trading and hedging strategies at Kaleesuwari Intercontinental.