💨 Abstract

Indian refiners have cancelled 100,000 metric tons of palm oil purchases for delivery between October and December, due to a rally in overseas prices and a 20 percentage point increase in import duties by New Delhi. This represents about 13.3% of India's monthly average imports. The cancellations could limit the rally in Malaysian palm oil prices, but could support soyoil prices as some refiners shift to soyoil.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖