 "sunflower oil")
Indonesia, one of the largest exporters of palm oil to India, has proposed a ban on palm oil exports starting April 28. India meets almost 45 per cent of its annual palm oil requirement from Indonesia. READ MORE
While the US soyoil futures jumped more than 3 per cent to a record high of 84.03 cents per pound after Indonesia announced the ban, shares of domestic countries dependent on palm oil fell sharply on the bourses.
According to trade sources, the ban will cause a sharp escalation in edible oil prices which have already been on the boil
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