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Malaysia keeps May crude palm oil export duty at zero percent

KUALA LUMPUR (Reuters) - Malaysia kept its export duty on crude palm oil for May at zero percent, according to a circular on the Malaysian Palm Oil Board’s website on Wednesday that cited the national customs department.

The duty has been at zero percent since September.

Malaysia, the world’s second-largest producer of palm oil, calculated a palm oil reference price of 1,981.03 ringgit ($479.32) per tonne for May. Any price above 2,250 ringgit incurs a duty.

Malaysian benchmark palm oil futures rose 1.6 percent to 2,207 ringgit a tonne on Wednesday, after earlier reaching a one-week top of 2,219 ringgit.

($1 = 4.1330 ringgit)

Reporting by Joseph Sipalan; Editing by Gopakumar Warrier