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India doubled its import duty on crude palm oil from 7.5 per cent to 15 per cent and raised duties on soybean and sunflower oils from 12.5 to 17.5 per cent to support local oilseed farmers. The European Parliament also voted to ban vegetable oil in biofuels by 2020.
Higher Indian import duties and the EU biofuel ban cut key export outlets for palm and soy oils, which is bearish for prices and export demand.
themalaysianreserve.comSep 28, 2017After 158 past bearish trade events, Palm Oil moved a median +0.0% over 5 sessions (51% higher; middle half -1.3% to +0.8%), and -1.4% 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.
