Malaysia lowers November crude palm oil reference price, duty remains at 10%

KUALA LUMPUR, Oct 14 (Reuters) — Malaysia has lowered its November crude palm oil reference price, a change that maintains the export duty at 10%, a circular on the Malaysian Palm Oil Board website showed on Wednesday. The world's second largest palm oil exporter calculated a reference price of 4,323.78 ringgit ($1,060.01) per metric ton for November. The October reference price was 4,452.66 ringgit a ton, and incurred a duty of 10%. The export tax structure starts at 3% for crude palm oil in a 2,250 to 2,400 ringgit-per-ton range. The maximum tax rate is set at 10% when prices exceed 4,050 ringgit a ton. ($1 = 4.0790 ringgit) (Reporting by Ashley Tang; Editing by David Stanway)