Indian soybean futures opened lower on Nov 4 tracking a weak Malaysian market, according to analysts. Malaysian crude palm oil futures tumbled 4.7 percent on November 4, slipping off a near two-week high, as crude oil prices fell. Soybean and rapeseed are crushed to produce edible oil, which competes with palm oil. Their prices often move in tandem.
However, hopes of an import duty hike may cap the losses. Indian ministers will consider on Tuesday whether to raise import taxes on edible oils and allow exports as a slide in global prices threatens local producers.
However, hopes of an import duty hike may cap the losses. Indian ministers will consider on Tuesday whether to raise import taxes on edible oils and allow exports as a slide in global prices threatens local producers.
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