Russia: Palm oil prices set a record again last week

Published 2021년 10월 18일

Tridge summary

India has lowered import duties on vegetable oils to nearly zero due to rising oil prices and record palm oil costs, caused by declining global vegetable oil production. The government has slashed duties on crude palm, soybean, and sunflower oil from 2.5% to 0%, and soybean food oil, sunflower food oil, and other palm oils from 32.5% to 17.5%. This follows restrictions on food oil and oilseed stocks and a ban on mustard oil and oilseed futures trading. The USDA has also reduced its global production forecast for vegetable oils in 2021/22 by 0.81 million tons to 214.55 million tons, due to decreased production in Canada, Ukraine, and Russia, but palm oil production is estimated to increase by 3.66 million tons from the previous year.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

India, the world's main importer of vegetable oils, continues to struggle with higher oil prices and cut import duties to almost zero, but palm oil prices again set a record, following oil prices and amid declining global vegetable oil production. For the fourth time since June, the Indian government has cut import duties on vegetable oils. Until the end of March 2022, the base duty on imports of crude palm, soybean and sunflower oil has been reduced from 2.5% to 0%, and the duty on soybean food oil, sunflower food oil, refined bleached deodorized (RBD) palm oil, RBD palm olein, palm stearin RBD and other palm oils, except crude, decreased from 32.5% to 17.5%. This decision was made after the authorities on Sunday imposed restrictions on the stocks of food oils and oilseeds until the end of March in order to avoid stockpiling and reduce prices. The government also stopped trading in mustard oil and oilseed futures on the National Commodity Exchange (NCDEX). December palm oil ...

Source: Oilworld