Energy Markets
Indian refiners cancel orders for palm oil from July to September due to price surge
Four trade sources confirmed that Indian refiners canceled orders for 65,000 tons of crude palm (CPO) due for delivery between July and September, following an unexpected surge in Malaysian benchmark prices. Refiners of the world's biggest palm oil importer have cancelled orders over the last three days, after Malaysian palm futures increased by more than 6%. They are hedging against the possibility of falling prices and locking in a gain. There is a lot volatility on the market. "There was a greater margin in cancelling CPO purchased than in importing and refining palm oil and selling it on the local...