Crude Palm Oil Down as India Slashed the Base Import Prices of Palm and Soya Oil – Investing.com India

Crude Palm Oil Down as India Slashed the Base Import Prices of Palm and Soya Oil – Investing.com India

yesterday settled down by -1.19% at 1008.8 as India slashed the base import prices of palm oil and soybean oil for a fortnight, the government said in a statement, as prices of the cooking oils fell sharply in the global market. India has put on hold a proposal to reduce import taxes on edible oils as cooking oil prices started to fall in the world market after hitting record highs. India's palm oil imports nearly doubled in May from last year's low base to the highest level in 4-months as refiners bought aggressively to replenish inventory. The country's palm oil imports in the month jumped 92% to 769,602 tonnes. U.S. President Joe Biden's administration, under pressure from labour unions and senators, is considering ways to provide relief to domestic oil refiners from biofuel blending mandates.
 
Indonesia, the world's biggest palm oil producer, exported 2.64 million tonnes of palm oil and its refined products in April, down from a month earlier, data from the Indonesian Palm Oil Association (GAPKI) showed. That compares to 3.23 million tonnes exported in March, while April production of the vegetable oil "was relatively unchanged from March" at nearly 4.1 million tonnes, GAPKI said. The