Palm Oil Prices

The increase in the tax on palm oil could lift local prices, making the tropical oil a little less competitive than rival soyoil and sunflower oil

Imports of soyoil gained 10.1% to 252,525 tonnes while sunflower oil imports jumped 23% to 194,009 tonnes, a release said

India's edible oil import bill rose 34.18 per cent to Rs 1.57 lakh crore in the oil year ending October 2022, while in volume terms it rose 6.85 per cent to 140.3 lakh tonnes, industry body SEA said on Monday. India, the world's leading vegetable oil buyer, had imported 131.3 lakh tonnes of edible oils in the 2020-21 oil year (November-October) for Rs 1.17 lakh crore in the previous year, according to the Solvent Extractors Association of India (SEA). Import gradually increased during the first two quarters and it slowed down in the third quarter. However, it again increased in the fourth quarter due to the lifting of a ban on palm oil by Indonesia and a sharp decline in international prices which boosted buying from India, it said. According to SEA, high volatility in palm oil prices this year affected India's palm oil buying. In March-April for a brief period, palm oil was as expensive as soft oils. Its availability was further affected in May-June by Indonesia's decision to ban

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India has slashed the base import prices of crude and refined palm oil, crude soya oil and gold, the government said in a statement late on Friday, as prices corrected in the world market.

With commodity prices deflating from their March peak levels, analysts expect the margin profile across consumer goods companies to improve going ahead.

India has slashed the base import prices of crude and refined palm oil, while raising the price of crude soyoil, the government said in a statement

Indonesia's ban on palm oil exports shocked global edible oils markets that already reached record high prices this year, and sparked alarm among major importers of the cooking medium.

Instead of a recovery in gross margins in fiscal 2022-23 (FY23), Jefferies now builds-in 50-200 basis point (bps) YoY decline, assuming crude stays closer to $100 a barrel and palm oil at $1,500/MT

Palm oil's record premium over rival oils could squeeze price-sensitive Asian and African consumers already reeling from spiralling fuel and food costs, and force them to curtail consumption and shift

Widely used in edible oil blending, cosmetics, processed food products, palm oil's prices on Bursa Malaysia Derivatives is considered to be the global benchmark among trade circles

The government has reduced the basic customs duty on refined palm oil to 12.5 per cent from 17.5 per cent till March next year to boost supplies and bring down rates in domestic retail markets

Higher purchases by India, the world's biggest buyer of vegetable oils, could support palm oil prices that are trading near a record high hit earlier this week.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market

If it does, benchmark palm oil prices are likely to jump to as high as 4,000 ringgit per tonne in January

Refiners have been slashing palm oil imports for winter

India is heavily dependent on imported edible oils. Of the total 15 million tonnes of import, about 9 million tonnes (or nearly 60 per cent) is of palm oils

The newly appointed MPOB Chairman Ahmad Jazlan Yaakub said in a statement the rally will come as a relief to industry participants

A restart to buying by India, the world's biggest edible oil importer, could further support Malaysian palm oil prices, which have edged up from 10-month lows in recent days

Last month, India restricted imports of refined palm oil and asked importers to avoid purchases from Malaysia after its criticism of India's actions in Kashmir and a new citizenship law