# Palm falls 1% on India efforts to cut edible oil imports - Markets - Business Recorder

> Malaysian palm oil futures fell about 1% on February 2, with the April contract down 38 ringgit to 3,760 ringgit per tonne and about 6% lower on the week. India said it would step up domestic oilseed production to cut vegetable oil imports, and Indonesia set its February palm reference price at $806.40 per tonne.

- Date: 2024-02-02 · published 2024-02-02T12:00:00.000Z
- Category: trade · region India · magnitude medium
- Page: https://feedsoft.ai/events/31765-palm-falls-1-on-india-efforts-to-cut-edible-oil-imports-markets-business
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Reduced Indian import plans weaken demand for palm and rival edible oils, pressuring prices. Indonesia's export reference price sets the baseline for export costs and can affect trade flows.

## Read by commodity

- SBO: bearish ▼
- PALMOIL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| PALMOIL | 2021-05-31 | [Palm oil falls 2pc as export pace slows, Indonesia taxes weigh - Markets - Business Recorder](https://feedsoft.ai/events/46982-palm-oil-falls-2pc-as-export-pace-slows-indonesia-taxes-weigh-markets-business.md) | -2.0% | -12.6% |
| PALMOIL | 2022-06-01 | [Palm oil eases as Indonesia gears up to resume exports - Markets - Business Recorder](https://feedsoft.ai/events/41053-palm-oil-eases-as-indonesia-gears-up-to-resume-exports-markets-business-recorder.md) | +0.7% | -13.0% |
| PALMOIL | 2020-10-16 | [Palm oil clocks 1.4pc weekly fall as exports decline - Markets - Business Recorder](https://feedsoft.ai/events/50741-palm-oil-clocks-1-4pc-weekly-fall-as-exports-decline-markets-business-recorder.md) | +0.6% | +14.1% |
| PALMOIL | 2023-05-31 | [Palm falls to new low on weaker rival oils, negative export data - Markets - Business Recorder](https://feedsoft.ai/events/7319-palm-falls-to-new-low-on-weaker-rival-oils-negative-export-data-markets.md) | -7.4% | -2.2% |
| PALMOIL | 2025-01-06 | [Palm slips on poor demand from India - Markets - Business Recorder](https://feedsoft.ai/events/6539-palm-slips-on-poor-demand-from-india-markets-business-recorder.md) | +0.3% | +0.2% |
| SBO | 2023-05-31 | [Palm falls to new low on weaker rival oils, negative export data - Markets - Business Recorder](https://feedsoft.ai/events/7319-palm-falls-to-new-low-on-weaker-rival-oils-negative-export-data-markets.md) | +5.2% | +22.1% |
| SBO | 2021-08-18 | [Palm oil slides nearly 3% on bleak export outlook - Markets - Business Recorder](https://feedsoft.ai/events/45436-palm-oil-slides-nearly-3-on-bleak-export-outlook-markets-business-recorder.md) | -5.7% | -10.0% |
| SBO | 2025-04-08 | [Malaysian palm oil extends losses - Markets - Business Recorder](https://feedsoft.ai/events/9625-malaysian-palm-oil-extends-losses-markets-business-recorder.md) | +2.0% | +5.2% |

## Sources

- brecorder.com: https://www.brecorder.com/news/40287015

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