Bigger CPO import by India seen

TheStar Mon, Jul 05, 2021 08:40am - 2 years View Original

Maybank IB said in its latest report that in general, CPO will benefit at the expense of other imported oils. “We expect to see a bigger import of CPO by India in these three months even though India has recently rebuilt its inventories with a stockpile at 1.96 million tonnes, up by 107% year-on-year as at June 1, ” it added.

PETALING JAYA: The latest palm oil export tax revisions by India and Indonesia are deemed as favourable for the plantation sector, say analysts.

On June 30, India, the world’s largest edible oil importer, cut its palm oil taxes, bringing it down to 27.5% from 32.5% previously.

Indonesia, the world’s largest palm oil producer, effective last Friday slashed the ceiling rate for its crude palm oil (CPO) levies to US$175 (RM728.6) per tonne from US$255 (RM1, 061.70) per tonne earlier.


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