Exclusive-Indian refiners cancel palm oil orders due to price surge

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The story "Exclusive-Indian refiners cancel palm oil orders due to price surge" was covered 2 days ago by Channel News Asia, a news publisher based in Singapore.

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Exclusive-Indian refiners cancel palm oil orders due to price surge - Channel News Asia

Quick Summary:

MUMBAI : Indian refiners have cancelled orders for 70,000 metric tons of crude palm oil (CPO) scheduled for delivery between March and June, because of a surge in benchmark Malaysian prices and negative refining margins in India, four trade sources said.

However, the recent price rise has pushed palm oil to a premium over soyoil on the global market.

A Mumbai-based dealer with a global trade house said buyers and sellers were mutually agreeing to cancel contracts, with buyers accepting a slightly lower price than the current market rate for cancellations.