Palm oil prices rebound as India discusses import duty cut6/27/2001(Reuters) - Malaysian palm oil futures rebounded at the close onTuesday on talk that India may cut import duty on crude palm oil.The benchmark third-month September contract was up RM 7 at RM 838 (US$220.53) a tonne after trading as low as RM 824 on overnight losses inChicago. Volume was at 918 lots.The market saw last minute covering on talk that India will cut its CPOimport tax, said one trader.Such rumours may sound strange because monsoon rains look good in India.This means the country will have ample oilseeds harvests and maintain theduty to protect prices.But still, the market believes India will cut the tax, he added. India’scrude palm oil duty stands at 75%.Trader in India said most of the country’s major soybean areas had beensown after timely monsoon rains, but more rains were needed immediately toensure the crop’s development.In the physical sector, June/July crude palm oil (CPO) for the southernand central regions was offered at RM 830 a tonne against bids at RM 825.Trader was at RM 825 for south and at RM 820 for central.Among refined products, July RBD palm oil was offered at US$ 237.50 atonne FOB and August at US$ 240. There were offers for July RBD olein atUS$ 252.50 and August at US$ 255. July RBD palm stearin was offered at US$185 and July palm fatty acid distillate at US$ 150.