Indian refiners cancel palm oil purchase orders due to tariff hikes and rising palm oil prices

Gold Ten Futures, September 23rd, according to foreign media reports, five trade sources said that due to the increase in import tariffs and the rise in horse palm prices, Indian refiners cancelled 100,000 tons of palm oil purchase orders for delivery from October to December. India's cancellation of orders may limit the rise in Malaysian palm oil prices, but may help support soybean oil prices, as some refiners switch to soybean oil. India's crude palm oil for delivery in October is currently quoted at about $1,080 per ton CIF, compared with about $980-1,000 a month ago, and the buyer's profit is $80-100. The CEO of Sunvin Group, a vegetable oil brokerage and consulting firm, said that against the backdrop of rising prices, refiners are not sure about demand in the fourth quarter. They are also concerned about whether the price can be maintained. This is the reason why they cancelled the contract.