Wait...
Search Global Export Import Trade Data
Recent Searches: No Recent Searches

Palm eases as India allows duty-free imports of competing oils.


Date: 25-05-2022
Subject: Palm eases as India allows duty-free imports of competing oils
Malaysian palm oil futures eased on Wednesday after a three-session rally, weighed down by demand worries after top buyer India allowed duty-free imports of competing soy and sunflower oils.

The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange fell 54 ringgit, or 0.83%, to 6,428 ringgit ($1,464.24) a tonne by the midday break, after swinging between slight gains and losses in early trade.

India has allowed duty-free imports of 2 million tonnes each of crude soyoil and crude sunflower oil for the current and the next fiscal year to March 2024 as part of efforts to keep a lid on local prices.

Selling in the front-month contract was seen as Indian buyers are expected to start shifting to other oils after the world's biggest edible oil buyer lifted the duties, a Kuala Lumpur-based trader said.

Losses were limited as uncertainties over Indonesia's policy of obligatory domestic sales at a certain price level have hampered the resumption of exports, even after the world's top producer lifted a three-week ban on shipments effective Monday.

In second-largest producer Malaysia, output for May 1-20 was seen down 13% from the same period in April, traders said citing Malaysian Palm Oil Association data.

Dalian's most-active soyoil contract rose 0.9%, while its palm oil contract gained 1.3%. Soyoil prices on the Chicago Board of Trade were down 0.2%.

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

Palm oil may retest a resistance at 6,560 ringgit per tonne, a break above which could lead to a gain to 6,713 ringgit, Reuters technical analyst Wang Tao said.
Source Name:-Economic Times


Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 22-11-2023
Notification No. 13/2023 -Customs (ADD)
Seeks to further amend notification No. 47/2021-Customs (ADD), dated 26th August, 2021, imposing Anti-dumping Duty on imports of "Natural mica-based pearl industrial pigments excluding cosmetic grade" from China PR, to modify the existing duty table .

Date: 21-11-2023
NOTIFICATION No. 12/2023-Customs (ADD)
Seeks to continue levy of anti-dumping duty on "Synthetic Grade Zeolite 4A (Detergent Grade) from China PR for 5 years pursuant to First Sunset Review Final Findings issued by DGTR."

Date: 17-11-2023
NOTIFICATION No. 11/2023-Customs (ADD)
seeks to impose anti-dumping duty on toughened glass for home appliances imported from China PR for a period of 5 years.

Date: 17-11-2023
NOTIFICATION No. 54/2023- Central Tax
Seeks to amend Notification No. 27/2022 dated 26.12.2022 to notify biometric-based Aadhaar authentication for GST registration in the State of Andhra Pradesh.

Date: 16-11-2023
Notification No. 84/2023 - Customs (N.T.)
Exchange Rate Notification No. 84/2023-Cus (NT) dated 16.11.2023-reg

Date: 15-11-2023
Notification No. 83/2023 - Customs (N.T.)
Exchange Rate Notification No. 83/2023-Cus (NT) dated 15.11.2023-reg

Date: 15-11-2023
Notification No. 82/2023-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.

Date: 02-11-2023
Notification No. 16/2023- Union Territory Tax (Rate)
Seeks to amend Notification No 17/2017- Union territory Tax (Rate) dated 28.06.2017.

Date: 02-11-2023
NOTIFICATION No. 53/2023– CENTRAL TAX
Seeks to notify a special procedure for condonation of delay in filing of appeals against demand orders passed until 31st March, 2023.

Date: 02-11-2023
Notification No. 81/2023 - Customs (N.T.)
Exchange Rate Notification No. 81/2023-Cus (NT) dated 02.11.2023-reg



Exim Guru Copyright © 1999-2023 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001