# Palm oil jumps over 2 percent to as India cuts import tax

> Malaysian palm oil futures rose over 2 percent to their highest in nearly two weeks on the first trading day of 2019. The gain followed India's cut in import duties on crude palm oil to 40 percent from 44 percent and on refined oil to 50 percent from 54 percent. Malaysian refined shipments will face a 45 percent duty.

- Date: 2019-01-02 · published 2019-01-02T12:00:00.000Z
- Category: trade · region India · magnitude medium
- Page: https://feedsoft.ai/events/5584-palm-oil-jumps-over-2-percent-to-as-india-cuts-import-tax
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md)

## Why it matters

Lower Indian duties make palm oil more competitive against soyoil and sunflower oil, which should lift import demand from the largest edible oil buyer. Traders still expect gains to be limited by high Southeast Asian inventories.

## Read by commodity

- PALMOIL: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| PALMOIL | 2019-01-02 | 1 | +5.0% | 6.1 | Directly reports palm oil futures jumping over 2% on the first trading day of 2019 after India cut import duties, boosting expected demand from the largest importer. |
| PALMOIL | 2019-01-08 | 5 | +6.1% | 3.4 | India's cut in crude and refined palm oil import duties raises import demand from the largest buyer, and futures rose over 2% on the first trading day of 2019, directly feeding the 5-day rally. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| PALMOIL | 2019-01-01 | [India cuts tax on palm oil imports; Malaysia to gain most - CNBC TV18](https://feedsoft.ai/events/5585-india-cuts-tax-on-palm-oil-imports-malaysia-to-gain-most-cnbc-tv18.md) | +6.1% | +8.1% |
| PALMOIL | 2024-05-02 | [India’s April palm oil imports jump 41% to three-month high \| FMT](https://feedsoft.ai/events/4569-india-s-april-palm-oil-imports-jump-41-to-three-month-high-fmt.md) | +1.9% | +3.2% |
| PALMOIL | 2019-01-01 | [India cuts tax on crude, refined palm oil imports from ASEAN countries - IBTimes India](https://feedsoft.ai/events/5589-india-cuts-tax-on-crude-refined-palm-oil-imports-from-asean-countries-ibtimes.md) | +6.1% | +8.1% |
| PALMOIL | 2021-07-01 | [India’s lower import duty a boon to Malaysia’s palm oil](https://feedsoft.ai/events/45940-india-s-lower-import-duty-a-boon-to-malaysia-s-palm-oil.md) | +1.7% | +9.8% |
| PALMOIL | 2017-07-20 | [Palm oil exports increase by just 2 percent: GAPKI](https://feedsoft.ai/events/69835-palm-oil-exports-increase-by-just-2-percent-gapki.md) | +1.2% | +3.8% |

## Sources

- business-standard.com: https://www.business-standard.com/article/reuters/palm-oil-jumps-over-2-percent-to-as-india-cuts-import-tax-119010200585_1.html

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