Malaysian vegetable oil and sugar market on October 17; palm oil prices increased to a nearly three-week high

Vegetable oil Palm oil contract for delivery in January 2024 on the Bursa Malaysia exchange at the beginning of this morning's trading session increased by 15 ringgit, equivalent to 0.4% to 3,793 ringgit (801.73 USD)/ton. At lunch break, this contract was at 3,799 ringgit (802.83 USD)/ton, heading for the fourth consecutive session of increase. According to independent inspection company AmSpec Agri Malaysia, the country's exports of palm oil products in the first half of October 2023 increased by 5.6% over the same period in September. While commodity surveyor Intertek Testing Services said exports increased by 7.3%. The Malaysian Palm Oil Board said that Malaysia has maintained the November 2023 export tax on crude palm oil at 8% and lowered the reference price. The world's second largest palm oil exporter calculated a reference price of 3,556.08 ringgit ($751.81)/ton in November. The October reference price was 3,710.5 ringgit/ton. The export tax structure starts at 3% for ...