Palm Oil Prices Rally on India’s Import Tax Cut

Palm Oil Prices Rally on India’s Import Tax Cut

Palm Oil Prices Rally on India’s Import Tax Cut, Soy Oil Rises Marginally

World vegetable oil prices were higher on Monday, with palm oil futures ending at a new life-of-contract high in Asia on prospects for rising demand from India, the world’s largest edible oil buyer. Palm oil futures also tracked overnight strength in U.S. crude and soybean oil prices. However, the entire soybean complex came under technical selling pressure during regular U.S. trading hours on forecasts for rain in areas of Argentina and Brazil this week. Still, fears over existing soybean crop damage caused by hot and dry weather last month in thre two countries lifted nearby futures contracts before the close. Benchmark soy oil futures finished just 0.1 percent higher (March contract +9 basis points per pound). Contracts for delivery later in the year were up 0.5 percent to 0.9 percent (December +57 basis points per pound) amid the liquidation of bull spreads.

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