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Palm slumps over 3% after India raises import tax

Mimi Sabreena 4:02:00 PM Informasi

KUALA LUMPUR (March 2): Malaysian palm oil futures slumped up to 3.2% on Friday evening, the sharpest intraday drop in about three-and-a-half months, after top consumer India raised import tax to the highest level in more than a decade.

India, the world's biggest edible oil importer, raised its import tax on crude palm oil to 44% from 30% and lifted the tax on refined palm oil to 54% from 40%, in a bid to support local farmers.

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