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.皇冠网址app（www.hg108.vip）是一个开放皇冠官方网址代理APP下载、皇冠官方网址会员APP下载、皇冠官方网址线路APP下载、皇冠官方网址登录APP下载的官方平台。皇冠体育官方网址APP上最新登录线路、新2皇冠官方网址更新最快。皇冠体育网址APP开放皇冠官方会员注册、皇冠官方代理开户等业务。
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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