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India Resumes Purchasing Malaysian Palm Oil After Discount

15 Nov 2019 10:15 am
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MUMBAI (Comoditiescontrol) - Processors in India have resumed purchasing Malaysian palm oil after a gap of nearly a month and contracted around 70,000 tonnes of shipments in December as Kuala Lumpur has been offering a USD 5 (Rs 360 roughly) per tonne discount over supplies from rival Indonesia, according to a Reuters report.

Indian refiners stopped purchases from Malaysia last month fearing India could raise import taxes or enforce other measures to curb imports after Kuala Lumpur criticised India for its actions in Kashmir.

Malaysian palm oil is available at a USD 5 discount amid congestion at Indonesian ports, said a Mumbai-based dealer with a global trading firm.

"This is giving a few buyers a reason to start buying Malaysian oil in small quantities to run their refineries," the Mumbai-based dealer said.

Malaysian crude palm oil (CPO) for December shipments was available at USD 603 on Thursday, while Indonesian CPO was quoted at USD 608, dealers said.


       
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