Thursday, January 17, 2013
20130117 1707 Palm Oil Related News.
Malaysian palm oil futures down 2 pct on India duty hike FCPOc3 - RTRS
SINGAPORE, Jan 17 (Reuters) - Malaysian palm oil futures tumbled 2 percent on Thursday after India, the world's biggest buyer of vegetable oils, imposed a duty of 2.5 percent on imports, a move that could hurt demand for the edible oil and leave stocks near record highs.
By 0900 GMT, the benchmark January contract FCPOc3 on the Bursa Malaysia Derivatives Exchange had lost 2 percent to trade at 2,382 ringgit ($790) per tonne.
India's move is aimed at cutting imports and protecting domestic oilseeds growers. (Full Story) ($1=3.02 ringgit)
Posted by MW Chong at 5:07 PM