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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.
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.
business-standard.comReuters2 de jan. de 2019Após 133 eventos altista de comércio passados, Óleo de palma subiu em mediana +0,7% em 5 sessões (64% de alta; metade central de -0,8% a +2,3%), e +1,7% em 20.
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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.
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.
