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India cut import duties on crude and refined palm oil from ASEAN countries after a request from suppliers. Crude palm oil fell to 40 percent from 44 percent and refined to 50 percent from 54 percent.
India relies on imports for 70 percent of its edible oil consumption.
The duty cut improves palm oil's competitiveness in India's large import market, supporting Malaysian and Indonesian export demand. Higher palm imports could draw demand away from soyoil.
ibtimes.co.inReutersJan 1, 2019After 133 past bullish trade events, Palm Oil moved a median +0.7% over 5 sessions (64% higher; middle half -0.8% to +2.3%), and +1.7% over 20.
After 152 past bearish trade events, Soybean Oil moved a median -0.2% over 5 sessions (47% higher; middle half -2.1% to +2.1%), and -0.1% 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.
Same India tariff cut on ASEAN palm oil, reinforcing the demand and trade-flow driver, with India importing 70% of its edible oil needs.
Reports the same India duty cut and India's 70% import reliance for edible oil, supporting expectations of higher import demand for palm oil.
