Palm Oil Rally to Fresh Record High Close Sweeps Soy Oil Higher
World vegetable oil prices recovered on Wednesday, as a renewed rally in palm oil futures lifted soybean oil higher. Following two down days, the most actively traded palm oil contract in Malaysia rebounded more than three percent to a new, record-high close above the key 5,000-ringgit level. The advance was driven by tighter inventories and news that top buyer India slashed import taxes on vegetable oils to ease robust edible oil prices. The Indian government cut its base tax on crude palm oil imports to zero through March 2022, which should boost export demand from Malaysia. Reaching a 5,039-ringgit high during Wednesday’s trade, benchmark palm oil futures ended 3.4 percent higher (December contract +166 ringgit per tonne). Contracts for 2022 delivery increased between 2 1/2 to and 3.3 percent (May 2022 contract +103 ringgit per tonne).
Near-term sentiment remains bullish for palm oil…
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