India increases duty on palm oil imports

The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange closed up 38 ringgit, or 1.8 percent, at 2,198 ringgit ($531.30) a tonne, after rising to its highest since Sept. 18 at 2,209 ringgit a tonne earlier in the session. Trading volumes stood at 44,514 lots of 25 tonnes each by the end of the session.

NEW DELHI: The Indian government has increased import duty on crude palm oil (CPO) by US$5 per tonne and on refined, bleached and dried (RBD) palm olein by US$9 per tonne.

The revised tariffs on palm oil and other commodities were issued by the Finance Ministry on Wednesday.