At the end of May, data from the Indonesian Palm Oil Association showed there were 7.23 million tonnes of CPO in storage tanks in Indonesia, which was up 18.5% month-on-month and 236% year-on-year.新2备用网址（www.hg108.vip）是一个开放新2网址即时比分、新2网址代理最新登录线路、新2网址会员最新登录线路、新2网址代理APP下载、新2网址会员APP下载、新2网址线路APP下载、新2网址电脑版下载、新2网址手机版下载的新2新现金网平台。新2网址登录线路最新、新2皇冠网址更新最快,皇冠体育APP开放皇冠会员注册、皇冠代理开户等业务。
KUALA LUMPUR: CGS-CIMB Research is optimistic about Indonesia’s latest measure on the short-term palm oil export levy waiver as it encourages an increase in exports and reduces the country’s high stockpiles.
Indonesia recently announced it would waive a palm oil export levy from July 15 to Aug 31 in an attempt to boost shipments and reduce stockpiles.
According to Indonesia’s finance ministry website, the export levy has been cut to zero from US$200 (RM889.86) per tonne for crude palm oil (CPO) and the waiver also applies to other palm oil products.
From an exporter’s perspective, CGS-CIMB Research believes that the levy exemption for July is significant as it represents a 41% discount from the previous total CPO export tax and levy of US$488 (RM2,171) per tonne for July.,
As of July 15, the government issued permits to export 2.84 million tonnes of palm oil, of which 1.74 million tonnes were based on domestic market obligations (DMO) and 1.1 million tonnes were export permits exempted from DMO.
At the end of May, data from the Indonesian Palm Oil Association showed there were 7.23 million tonnes of CPO in storage tanks in Indonesia, which was up 18.5% month-on-month and 236% year-on-year.
CGS-CIMB Research has kept a “neutral” rating on the sector as the valuations are undemanding following recent price corrections.
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