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On Monday morning, Malaysian crude palm oil futures on the derivatives exchange (BMD) may open lower due to a decline in the external vegetable oil market and a further slowdown in palm oil exports. The Malaysian Palm Oil Board (MPOB) maintained Malaysia’s June crude palm oil export tax at 8% last week, but raised the reference price used to calculate the tariff, resulting in an increase in Malaysia’s palm oil export tax burden, while Indonesia, the top producer of palm oil, lowered its payable export taxes for the second half of May. This could further slow down the growth rate of Malaysia’s palm oil exports.
