Malaysia raises Nov palm oil export duty to 6.5% vs 6.0% Oct.

Malaysia, the world’s second-largest palm oil producer after Indonesia, has hiked its export duty on palm oil for November. For November, the tax on the export of palm oil be 6.5%, compared with 6.0% in October. When prices of palm oil exceed 2,250 ringgits (34,671.15 rupees) a metric tonne, exports of the commodity by Malaysia incur a multi-tier tax rate of 4.5-8.5%. The most-active December contract on the Malaysian bourse ended at 2,710 ringgits a metric tonne, up 0.5% from the previous close.