On 14 Apr 07, the Indian government cut import duties by another 10% pts to 57.5% for refined palm oil and 50% for CPO to keep inflation in check. This is the third cut in 12 months. Import duty for soya oil in India was left at 45%. This is positive for palm oil as it enhances palm oil’s competitiveness against soyaoil in India. The stronger demand for palm will also help to narrow the price discount between palm oil and soyaoil. This is already evident – the price gap between soya oil prices quoted in the Dutch market and CPO price quoted in Indonesia has narrowed by US$91 per tonne or 47% to US$103 per tonne since a year ago.
filed: plantation sector update - Counting the fruits of our CPO price upgrade -10 May 2007
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