KUALA LUMPUR: Malaysia has maintained its November export tax for crude palm oil at 8% and lowered its reference price, a circular on the Malaysian Palm Oil Board website showed on Tuesday.

The world’s second-largest palm oil exporter calculated a reference price of 3,556.08 ringgit ($751.81) per metric ton for November.

The October reference price was 3,710.50 ringgit a ton.

Malaysian palm oil futures climb

The export tax structure starts at 3% for crude palm oil in a 2,250 to 2,400 ringgit-per-ton range.

The maximum tax rate is set at 8% when prices exceed 3,450 ringgit a ton.