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MP Evans Group PLC - producer of Indonesian palm oil - Notes Indonesian government lowers palm oil export tax threshold to $680 per tonne, down from $750 previously, and notes tax bands being increased to $74 per tonne from $50.
‘Management will continue to monitor the situation closely as the new arrangements come into force,’ it says.
Previously notes average mill-gate price in first five months of 2022 on sales of crude palm oil was $1,079 per tonne, compared with $715 for the same period in 2021. Following the government's revisions to the export duty and levy, coupled with a softening in the Cif Rotterdam price, recent mill-gate prices achieved have been around $750 per tonne.
In mid-July, says crude palm oil production in six months to June 30 falls to 160,800 tonnes from 161,400 the year before and palm kernels production rises to 35,100 tonnes from 34,700 tonnes.
Current stock price: 828.00 pence
12-month change: up 18%
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