India boosts palm oil purchases after tax cut, futures slump

India is buying over 200,000 tons of crude palm oil after the government cut taxes on edible oil imports to 5%.

The country normally imports 500,000 to 650,000 tons a month and could rise to as much as 750,000 tons during peak demand, while Kuala Lumpur palm oil futures have fallen sharply from an August peak of 5,018 ringgit to 4,528 ringgit, the lowest intra‑day level since July 14.