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BMD Palm Ends Lower As India Agrees To Reduce Duty On Indonesian Oil

11 Sep 2019 3:55 pm
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MUMBAI (Commoditiescontrol) - Malaysian palm oil futures ended lower on Wednesday, paring their early gains amid reports that India has agreed to bring down import duty for Indonesian refined, bleached, and deodorized palm oil (RBDPO) from existing 50 percent to 45 percent.

Such a move will make Indonesian palm oil more competitive in the Indian market than Malaysian oil.

Higher-than-expected decline in exports for September 1-10 also weighed on prices.

The November benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was down Ringgit 15 at Ringgit 2,207 a tonne by the close, after moving in the range of Ringgit 2,240 and Ringgit 2,203 a tonne.

Societe Generale de Surveillance (SGS) said on Wednesday that exports of Malaysian palm oil products for September 1-10 fell by 29 percent to 337,570 tonnes from 475,555 tonnes in August 1-10.

While exports jumped by a bigger-than-expected 16.4 percent in August to 1.73 million tonnes, rising for a second straight month and marking the largest monthly gain since March, as key buyers like India snapped up purchases of the vegetable oil, according to data from the Malaysian Palm Oil Board (MPOB).

(By Commoditiescontrol Bureau)

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