March 7, 2018 / 3:47 AM / 7 months ago

Indian buyers seek to cancel up to 100,000 t of palm oil cargoes after duty increase -sources

KUALA LUMPUR/MUMBAI, March 7 (Reuters) -

* Indian importers are seeking to cancel up to 100,000 tonnes of crude palm oil cargoes as costs have risen since the country, the world’s biggest edible oil importer, raised import duty on the product last week, three trade sources said, speaking on condition of anonymity

* “After the increase in duty the cost of imports has gone up by $107 a tonne for crude palm oil but the domestic price has risen by around $60 a tonne,” said one leading palm oil broker, speaking on the sidelines of an industry conference in Kuala Lumpur

* India, which buys about 800,000-850,000 tonnes of crude palm oil a month, last week raised import tax on crude and refined palm oil to the highest level in more than a decade in a move designed to support domestic farmers

* “In April imports would be substantially lower,” a Mumbai-based broker said; “Most people are trying to cancel or renegotiate April shipments” (Reporting by Naveen Thukral and Emily Chow in KUALA LUMPUR and Rajendra Jadhav in MUMBAI Editing by Kenneth Maxwell)

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