# Exclusive: Indian refiners cancel palm oil contracts on duty hike, price rise | Reuters

> 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.

- Date: 2024-09-23 · published 2024-09-23T12:00:00.000Z
- Category: trade · region India · magnitude medium
- Page: https://feedsoft.ai/events/28393-exclusive-indian-refiners-cancel-palm-oil-contracts-on-duty-hike-price-rise
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

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.

## Read by commodity

- SBO: bullish ▲
- PALMOIL: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| SBO | 2024-09-23 | 1 | +3.4% | 4.3 | 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. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| PALMOIL | 2025-02-20 | [Exclusive: Indian refiners cancel palm oil orders due to price surge](https://feedsoft.ai/events/26145-exclusive-indian-refiners-cancel-palm-oil-orders-due-to-price-surge.md) | -0.3% | -2.3% |
| PALMOIL | 2025-06-18 | [Exclusive: Indian refiners cancel palm oil orders for July-Sept as prices surge](https://feedsoft.ai/events/24317-exclusive-indian-refiners-cancel-palm-oil-orders-for-july-sept-as-prices-surge.md) | -0.3% | +4.4% |
| PALMOIL | 2025-03-17 | [Indonesia's Feb palm oil exports hit 4-month high on tax cut \| Reuters](https://feedsoft.ai/events/15575-indonesia-s-feb-palm-oil-exports-hit-4-month-high-on-tax-cut-reuters.md) | -0.8% | -6.4% |
| PALMOIL | 2025-09-24 | [Indonesia's palm oil exports to EU to climb on trade pact, regulatory reprieve \| Reuters](https://feedsoft.ai/events/22880-indonesia-s-palm-oil-exports-to-eu-to-climb-on-trade-pact-regulatory-reprieve.md) | +0.2% | +1.5% |
| PALMOIL | 2025-01-16 | [Exclusive: India's palm oil imports to hit 5-year low in Jan on negative margins, sources say](https://feedsoft.ai/events/26605-exclusive-india-s-palm-oil-imports-to-hit-5-year-low-in-jan-on-negative-margins.md) | -0.3% | +4.2% |
| SBO | 2025-02-20 | [Exclusive: Indian refiners cancel palm oil orders due to price surge](https://feedsoft.ai/events/26145-exclusive-indian-refiners-cancel-palm-oil-orders-due-to-price-surge.md) | -0.2% | -5.0% |
| SBO | 2022-03-02 | [India asks Indonesia to raise palm oil supply as prices spike - sources \| Reuters](https://feedsoft.ai/events/42376-india-asks-indonesia-to-raise-palm-oil-supply-as-prices-spike-sources-reuters.md) | +1.5% | -5.7% |
| SBO | 2025-01-16 | [Exclusive: India's palm oil imports to hit 5-year low in Jan on negative margins, sources say](https://feedsoft.ai/events/26605-exclusive-india-s-palm-oil-imports-to-hit-5-year-low-in-jan-on-negative-margins.md) | -0.5% | +2.2% |

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/indian-refiners-cancel-palm-oil-contracts-duty-hike-price-rise-2024-09-23/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.