Palm Oil Jumps On Demand Prospects After India Cuts Import Duty

Palm Oil Jumps On Demand Prospects After India Cuts Import Duty

Palm oil climbed to the highest level in almost three weeks on expectations for higher demand after top buyer India cut import duties.Futures in Kuala Lumpur rose as much as 2.6% after India announced on Friday a reduction to levies on edible oils including palm and sunflower in an effort to lower retail prices. The market was closed on Monday for a holiday.The change to duties takes effect May 31.Other supportive factors include stronger crude …

Relief for households as edible oil prices set to dip after import duty cut

Kolkata, Jun 2 (PTI) In a respite to households, the prices of cooking oils are expected to fall by 5–6 per cent at the retail level over the next two weeks following the central government’s decision to reduce import duty on crude edible oils by 10 per cent, officials said on Monday."The edible oil prices that had surged by nearly 17 per cent in recent months are finally showing signs of cooling. We expect it to ease into single digits very soo…