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India is considering cutting import duties on edible oils after domestic cooking oil prices hit record highs, according to officials cited by Reuters. No decision has been made, but a final call is expected later in June.
Soyoil and palm oil prices have more than doubled over the past year.
A lower import duty would boost Indian demand for palm and soy oils, supporting global prices while reducing pressure on domestic oilseed prices. The market will watch the final decision closely.
business-standard.comRajendra Jadhav, Mayank Bhardwaj, ReutersJun 3, 2021After 548 past bullish policy events, Palm Oil moved a median +0.4% over 5 sessions (61% higher; middle half -0.7% to +2.1%), and +0.9% over 20.
After 842 past bullish policy events, Soybean Oil moved a median +0.2% over 5 sessions (52% higher; middle half -1.6% to +2.1%), and -0.5% 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.
