Palm was down 2.9 percent on-week for a second weekly decline
Industry players expect the tax hike on refined palm oil to cause Indian buyers to switch to importing crude palm oil
India imports palm oil mainly from Indonesia and Malaysia
Data released by a state millers association earlier this week showed slower output growth for the first 20 days of August compared with a month earlier
Malaysian exports of refined palm oil to India, the world's biggest importer of edible oils, jumped 727% in the first half of 2019 to 1.57 million tonnes compared with the same period a year before
The world's top producer of crude palm oil produced 2.8 million tonnes tonnes of the edible oil last year
Will cap cultivated area at 6 mn hectares after EU's call to classify the oil as unsustainable, and for its exclusion from the bloc's biofuels target
Trading volumes stood at 52,177 lots of 25 tonnes each at the end of the session
The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange fell 0.9 per cent to 2,163 ringgit ($528.21) a tonne at the close of trade
Duty on crude palm oil lowered to 40% from 44%, and a tax on the refined variety cut to 50% from 54%
India imports palm oil from Malaysia and Indonesia.
Used in everything from chocolate to fuel, palm oil will probably end the year at 2,000 ringgit a tonne, according to a Bloomberg survey this month
India buys palm oil from Indonesia and Malaysia, with its soyoil mainly imported from Argentina and Brazil. It purchases sunflower oil from Ukraine
The fourth increase in import tax in less than six months would push up domestic edible oil prices and support prices of local oilseeds like soybean and rapeseed
This is the first time top leaders from both the countries have weighed in on the issue
India, the world's leading vegetable oil buyer, had imported 7,36,036 tonnes palm oil in April 2016
India, the world's leading vegetable oil buyer, had imported 688,393 tonnes palm oil in Jan 2015
Indian buyers are delaying shipments and cancelling vessel space bookings, and the traders expect them to hold back further in the month ahead
Palm oil make up more than 65 per cent of the country's total vegetable oil imports