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KUALA LUMPUR, May 17 (Reuters) - Malaysia has kept its May export tax for crude palm oil at 8% but raised the reference price, a circular on the Malaysian Palm Oil Board website showed on Monday.

Packaged goods companies are considering raising prices of products because of a surge in the price of palm oil, a key input for goods ranging from snacks to soaps.

KUALA LUMPUR, May 17 (Reuters) - Malaysian palm oil futures fell nearly 1.5% on Monday as trade resumed after a long holiday weekend, with easing concerns over dwindling global edible oil supply weighing on the market.

Crude palm oil futures edged higher to settle at a near-record high of Rs 1,249 per 10 kg after touching a fresh lifetime high of Rs 1,253.40 on Friday during intraday. There were no global cues as Bursa Malaysia Bhd (BMD) was closed for the long weekend.

FIRST Resources on Monday reported net profit of US$8.8 million for the first quarter ended March 31, down 60.5 per cent from US$22.2 million the year before.

China is expected to lower its palm oil purchases in the 2021-22 marketing year, spanning October 2021-September 2022, as it looks to ramp up domestic edible oil production — a move that can help reduce reliance on vegetable oil imports.

Indonesia’s palm oil exports are set to rise by 1.5 million mt year on year to 29.5 million mt in 2021-22 marketing year (October-September) as higher production and lower prices are expected to encourage demand in China and the EU, the US Department of Agriculture’s Foreign Agricultural Service said.

MALAYSIA will further enhance its bilateral cooperation with Saudi Arabia and the United Arab Emirates (UAE) in a more comprehensive and strategic direction, and rebuild the confidence among the business community.

MALAYSIAN palm oil inventory is expected to stay below two million tonne levels in view of the slower production period, MIDF Amanah Investment Bank Bhd stated in a report yesterday.

A new team has taken over the Ministry of Finance in Islamabad. Let us hope they will be more amenable to issues facing the value-added sectors, particularly the small and medium scale ones

According to the government data, retail prices of edible oils have shot up by 55.55 per cent in over a year and are adding to the woes of consumers already reeling under the economic distress induced by the COVID-19 pandemic.

The break above a resistance at $65.45 on Monday proved to be false. The downtrend from the May 5 high of $66.76 may have resumed.