India, the world’s second-largest gold consumer, will probably keep restrictions on imports to control the current account deficit and defend the rupee, said the managing director of the country’s biggest refiner.
India, the largest cooking oil consumer after China, will probably increase taxes on imports to shield oilseed farmers from cheap palm supplies from Indonesia and Malaysia, according to a trade group. Futures declined.
Palm oil dropped for the first time in three days as India ended a freeze on the taxable value of cooking oil imports and said it will revise it fortnightly on the basis of world prices, a move that will push up duties.
Thailand will propose cutting import taxes on bottled water and food such as eggs, milk formula and pork after flooding led to shortages, said Vachari Vimooktayon, director-general of the Internal Trade Department.
Cooking oil imports by India, the largest palm oil buyer, advanced for the third straight month because of a decline in prices and on speculation import taxes would increase, a processors’ group said. Domestic stockpiles gained to a record.