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Indian refiners cancelled 100,000 metric tons of palm oil purchases for October-December delivery after New Delhi raised import duties. The cancellations followed a rally in Malaysian palm futures to their highest in 2.5 months.
Cancelled Indian demand weakens the palm rally, while some refiners switching to soyoil could support soyoil prices. The duty hike lowers India's import appetite for vegetable oils.
reuters.comRajendra JadhavSep 23, 2024After 158 past bearish trade events, PALMOIL moved a median +0.0% over 5 sessions (51% higher; middle half -1.3% to +0.8%), and -1.4% over 20.
After 224 past bullish trade events, SBO moved a median +0.4% over 5 sessions (54% higher; middle half -1.5% to +2.1%), and -0.5% 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.
Dated the same day as the move: Indian refiners cancelling palm oil purchases after a duty hike and price rally points to a shift in vegetable oil import demand and substitution toward soyoil, which could support soybean oil prices.
