India’s move to cut palm oil import duty positive

On Oct 13, CPO prices hit a record high with three-month futures prices closing at RM5,015 per tonne, boosted by the import duty cut by India to a record-low level since 2015, said UOB Kay Hian Research

KUALA LUMPUR: India’s decision to cut import duty on palm oil is positive for Malaysian upstream plantation companies, integrated palm oil players as well as Indian customers as it would boost demand for crude palm oil (CPO) in India.

The reduction of import duty would be supportive to the palm oil market as India is the largest export market for palm oil.