India's May palm oil imports hit multi-year low on higher import tax

Malaysian palm oil futures dipped on Tuesday evening, hitting their lowest in a week and tracking overnight losses in related edible oils such as soyoil on the U.S. Chicago Board of Trade and China's Dalian Commodity Exchange

MUMBAI: India's palm oil imports in May plunged 38 percent from a year earlier to their lowest in nearly 4-1/2 years as higher import tax on the tropical oil made it more expensive, a trade body said on Thursday.

India buys palm oil from Indonesia and Malaysia; and soyoil mainly from Argentina and Brazil, while it purchases sunflower oil from Ukraine.