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Govt's tax hike to cut palm oil imports, boost soyoil, sunflower oil buying

Lower imports by such a major buyer could also weigh on prices for producers of palm oil

Reuters 

A hike in India's import tax on palm oil could dent overseas purchases by the world's biggest edible oil importer, while making imports of soyoil and sunflower oil lucrative for the country's refiners, industry officials told Reuters. Lower imports by such a major buyer could also weigh on prices for producers of palm oil, used in everything from soap to foodstuffs. Palm oil futures traded on the Bursa Malaysia Derivative Exchange have fallen more than 3 percent since the duty was increased on Thursday. In a move designed to support domestic farmers, India raised the ...

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First Published: Mon, March 05 2018. 15:54 IST
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