Palm Oil Likely Pressured by India's Recent Import Tax Hike -- Market Talk

Dow Jones09-18

0821 GMT - CPO prices are expected to be pressured in the immediate term due to India's recent drastic hike in import taxes, Maybank Research analyst Ong Chee Ting writes in a report. India, the world's largest palm oil importer, has raised import taxes on edible oils for the first time in over a year to support domestic farmers. The tax hike will discourage the importation of edible oils, the analyst says. "The overall demand of vegetable oil (including palm oil) imports from India is likely to be subdued in the immediate term," the analyst adds. Maybank maintains a neutral rating on Southeast Asia's plantation sector, and rates SD Guthrie, Sarawak Oil Palms, TA Ann Holdings and Bumitama Agri at buy.(amanda.lee@wsj.com)

(END) Dow Jones Newswires

September 18, 2024 04:21 ET (08:21 GMT)

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India, the world's largest palm oil importer, has raised import taxes on edible oils for the first time in over a year to support domestic farmers. The tax hike will discourage the importation of edible oils, the analyst says. \"The overall demand of vegetable oil  imports from India is likely to be subdued in the immediate term,\" the analyst adds. 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