Copernicia Australis is a species of palm tree that is native to South America. It is also commonly known as the Caranday Palm, which is the Spanish name for this palm. Other synonyms for Copernicia Australis include the Wax Palm, Argentine Wax Palm, and the Brazilian Wax Palm. These synonyms are based on the waxy coating that develops on the fronds of this palm tree. The Wax Palm is a popular ornamental plant and is often used in landscaping. It is also commercially significant as the wax from the fronds of this palm is used in the production of candles, soaps, and other products.