The Malaysian Palm Oil Board (MPOB) reference price for palm oil increased to 5277.58 ringgit (1108.43 EUR) per tonne for March from 4907.14 ringgit (1030.62 EUR) per tonne in February.
At the same time, the effect of export duty on crude palm oil will remain at the 8% level in Malaysia in March this year.
In Malaysia, with fluctuations in the price of palm oil in the range of 2250-2400 ringgit / t, the export duty is 3%, and when the price exceeds 3450 ringgit / t, the duty is increased to 8%.
It may be recalled that palm oil reserves in Malaysia stood at 1.55 million tonnes at the end of January, but at the same time declined by 3.85% month-on-month and was the lowest since July 2021.
As for market participants, they expect traders from Malaysia to increase sales of palm oil to foreign markets in February amid restrictions on exports of the product in Indonesia.