Exclusive-Indian refiners cancel palm oil contracts on duty hike, price rise

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MUMBAI : Indian refiners cancelled 100,000 metric tons of palm oil purchases for delivery between October and December, as New Delhi's move to raise import duties due to a rally in overseas prices prompted them to book profits, five trade officials told Reuters.

East Coast-based refiners are washing out on contracts by cancelling them and making a very decent profit, said Aashish Acharya, vice president at Patanjali Foods Ltd, a leading importer of edible oils.

India's palm oil imports usually moderate during winter months as the tropical oil solidifies at lower temperatures.

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Category: EconomyBusiness

Markets: SingaporeArgentinaBrazilIndiaIndonesiaMalaysiaThailandUkraine

Topics: Tons Soyoil Cancelled Prices Refiners India Delivery Imports Palm Buyers Indian

Source Website Secure: Yes (HTTPS)

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Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-23 @ 17:41:58 (6 days ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 548 words

Reading Time: 4 minutes read

Sentences: 24 lines

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Copyright Owner: © Channel News Asia

News ID: 22652106

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