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Average palm oil prices are set to climb this year, a Reuters poll showed, buoyed by slowing output-growth in top producer Indonesia and by robust demand for the commodity which is used to churn out products ranging from chocolate to biofuels.
Benchmark palm prices will average 2,375 ringgit ($574.09) a tonne in 2019, up 3 per cent from 2,308 ringgit last year, according to the median estimate from a poll of 18 analysts and industry players.
Growing demand for palm from biodiesel producers is expected to support prices this year, with the Indonesian and Malaysian governments pushing the use of biofuels.
India reduced import taxes at the start of the year, though the rates are still higher than before an initial hike from last March.
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