India refiners axe palm oil orders amid duty hike, price surge: Report

India-based refiners have cancelled 100,000 metric tonnes of palm oil purchases for delivery between October and December, Reuters reported yesterday.

Quoting five trade officials, the report stated that the decision came as New Delhi plans to raise import duties due to a rally in overseas prices, prompting them to book profits.

Refiners in the world's largest importer of palm oil cancelled the orders over the past four days, including...