Today Muhiddin announce palm oil (Bagi mendorong sektor komoditi, Kerajaan bersetuju memberi pengecualian 100 peratus duti eksport ke atas minyak sawit mentah, minyak isirong sawit mentah dan minyak isirong sawit yang diproses mulai 1 Julai 2020 hingga 31 Disember 2020.) FGV trading price immediately when down.Surely institutional investors are push it down to collect more. I saw it live in conjunction with the announcement.
It means this stock is not ready to fly yet. They want to accumulate more before pushing it up. Believe me it will go up with all the good fundamentals and now with export duty waiver surely FGV will save a lot of money and competitive in its export as against Indonesia. Be patience it will go up to RM1.20 in 1 or 2 months time.
Poseidon80, is 1 July onward exception for export duty. When the announcement is made immediately it went down 2 cent. I saw it. That means institutional investors are accumulating it.
The Malaysian government has lowered the tax on crude palm oil exports in April to 5% from 6% in March. This move came after the reference price for Malaysian palm oil in April was calculated at MR 2,631.07/mt, down from MR 2,982/63/mt for March. The export tax of 5% applies to a CPO price range of MR 2,551-2,700/mt, while 6% is applicable on a price range of MR 2,851-3,000/mt.
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ImCK
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Posted by ImCK > 2020-06-05 19:21 | Report Abuse
wow palm oil will return as king next week