Malaysia sets January crude palm oil export tax at zero percent 0#FCPO: - RTRS
SINGAPORE, Dec 17 (Reuters) - Malaysia, the world's No.2 palm oil producer, will set its crude palm oil export tax for January at zero percent, a government circular showed on Monday.
The Southeast Asian country has calculated a reference price of 2,147.81 ringgit per tonne for crude palm oil for January, effectively setting the export duty for the grade at zero.
Malaysia announced in October that it will reduce export taxes for crude from 23 percent and it will set duties on a monthly basis to better reflect international prices, responding to rival Indonesia's own tax reforms.
TABLE-Malaysia's official crude palm oil export tax schedule 0#FCPO: - RTRS
KUALA LUMPUR, Dec 17 (Reuters) - Following is the official crude palm oil export tax schedule for Malaysia, the world's No.2 producer of the edible oil, issued by the government on Monday:
CRUDE PALM OIL MARKET PRICE EXPORT DUTY
(FOB RM/TONNE) (in pct)
Less than 2,250 nil
More than 3,450 8.5
Malaysia says imposes zero export duty for crude palm oil for Jan 2013. (Reuters)
Malaysia says sets reference price for crude palm oil gfor Jan 2013 at RM2,147 per tonne.(Reuters)
VEGOILS-Palm gains on soybean oil, but exports cap gains BOZ2 DBYF3 FCPOc3 - RTRS
Palm edges up on Dalian, Chicago soybean oil Malaysia Dec 1-15 palm oil exports down 6.4 pct -ITS Traders looking out for Malaysia's new crude palm oil tax for Jan
(Updates prices, adds detail)
By Chew Yee Kiat
SINGAPORE, Dec 17 (Reuters) - Malaysian palm oil futures inched up on Monday, riding on rival soybean oil's gains after U.S. soy crushing data sent soybeans to a six-week peak.
Chicago soybeans hit their highest since Nov. 8 after data from the National Oilseed Processors Association showed U.S. soybean processors crushed the most soybeans in almost three years and on higher demand especially from top buyer China.
Soybean oil rose in tandem, supporting palm oil, a competing vegetable oil used to make products ranging from food to biofuels.
Gains were limited, however, as concerns over high stockpiles remained, especially as the latest data pointed to signs of slowing exports, although traders said easing production could help bring down stock levels.
"The market is up a bit on the back of Dalian and Chicago soybean oil," said a trader with a foreign commodities brokerage in Malaysia. "Malaysian palm production should come down this month, so inventory should probably go down a bit."
By the midday break, the benchmark March contract FCPOc3 on the Bursa Malaysia Derivatives Exchange had gained 0.4 percent to 2,355 ringgit ($771) per tonne.
Total traded volumes stood at 13,501 lots of 25 tonnes each, higher than the usual 12,500 lots.
Exports of Malaysian palm oil products for Dec. 1-15 fell 6.4 percent to 719,817 tonnes from 769,087 tonnes for the Nov. 1-15 period, cargo surveyor Intertek Testing Services said on Saturday. PALM/ITS
Another cargo surveyor Societe Generale de Surveillance will issue data for the same period later on Monday. PALM/SGS
Traders are waiting for Malaysia's new January crude palm oil export tax, which could be announced either on Monday or Tuesday, according to a government source who declined to be identified as he is not authorised to speak to the media.
The tariff, likely to be set at zero, could boost export demand for the crude grade and help lower inventory levels in the world's No.2 largest palm producer.
In related markets, Brent crude held steady above $108 a barrel on Monday, drawing support from a brighter economic outlook for top energy consumer China, although investors remained skittish as U.S. talks to avert a year-end "fiscal cliff" dragged on. O/R
In other vegetable oil markets, U.S. soyoil for January delivery BOF3 had edged down 0.1 percent by 0545 GMT after earlier gains. The most active May 2013 soybean oil contract DBYcv1 on the Dalian Commodity Exchange was up 1.2 percent.