Import Taxes, Soybean Output to Affect CPO Prices

Palm oil Analytics Owner and Co-founder, Dr. Sathia Varga said India’s import tax hike was fourth in less than six months, and imposed to push up the prices of rapeseed to benefit Indian farmers.’I do not think India will impose another import tariff in the near term,” he said during his presentation on ‘Global Economics and Market Volatility - Impact on Commodities’ at the recently concluded annual Palm and Lauric Oils Price Outlook Conference and Exhibition 2018 (POC).  
 
Varga said the price and demand of other vegetable oils, such as soybean oil, would also affect  CPO prices. “Argentina is currently facing its worst drought, hitting soybean production.  The lower production will raise soybean oil prices, which in turn will help increase palm oil prices”.