Malaysia cuts crude palm oil export duty for June to zero

FILE PHOTO: A worker unloads palm oil fruit bunches from a lorry inside a palm oil mill in Bahau, Negeri Sembilan, Malaysia January 30, 2019. REUTERS/Lai Seng Sin/File Photo

KUALA LUMPUR (Reuters) - Malaysia has lowered its export duty on crude palm oil to 0% for June from 4.5% in May, the Malaysian Palm Oil Board said on Friday, citing the national customs department.

The world’s second-largest producer and exporter of palm oil calculated a reference price of 2,122.77 ringgit per tonne.

There has been a slump in global demand of the edible oil as efforts to slow the spread of the coronavirus outbreak shuttered restaurants and curbed travel around the world.

Malaysia benchmark palm oil prices have plunged about 35% since the start of the year to trade at 2,130 ringgit per tonne on Thursday, hovering near 10-month lows. [POI/]

Reporting by Mei Mei Chu; Editing by Tom Hogue