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Malaysian palm oil producers face margin pressure after Indonesia cut its crude palm oil duty to about US$63 per tonne from US$90. India also imposed a 20% tax on imported crude and refined vegetable oils to support farmers ahead of state elections.
Indonesia's lower duty boosts its export competitiveness, while India's import tax cuts demand from the largest vegetable oil importer, both pressuring palm oil prices.
scmp.comJoseph SipalanSep 24, 2024After 400 past bearish policy events, Palm Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.3% to +1.1%), and +0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
