India’s November palm oil imports jump 22% on lower prices
India’s palm oil imports surged 22% in November, reaching 867,000 metric tons, the hi
in three months. The increase is attributed to steep discounts compared to soyoil and
sunflower oil, prompting refiners to switch to palm oil. The move could help lower palm
stocks in top producers Indonesia and Malaysia.
India’s palm oil imports surged 22% in November, reaching 867,000 metric tons, the hi
in three months. The increase is attributed to steep discounts compared to soyoil and
sunflower oil, prompting refiners to switch to palm oil. The move could help lower palm
stocks in top producers Indonesia and Malaysia.
India’s November palm oil imports jumped 22% from a month earlier to
867,000 metric tons, the highest in three months, estimates from dealers
showed.
The discount on palm oil to soyoil and sunflower oil has been widening
over the past few weeks, encouraging refiners to switch to palm oil, said
Sandeep Bajoria, CEO of Sunvin Group, a vegetable oil brokerage.
Higher palm oil imports lifted India’s total edible oil imports in
November 1.13 million metric tons, up 13% from a month earlier, dealers
said.
Soyoil imports in November rose 7% from a month earlier to 145,000
tons, but far below average imports of 306,000 tons in the last marketing
year, dealers estimated.
Soyoil imports have been declining for the past two months due to
negative refining margins, its hefty premium over rival oils and an
increase in local supplies, said Vipin Gupta, chief executive officer of
Dubai-based trader Glentech Group.
Sunflower oil imports fell by 21% to stand at 122,000 tons, the lowest in
17 months, dealers said.
India buys palm oil mainly from Indonesia, Malaysia and Thailand, while
it imports soyoil and sunflower oil from Argentina, Brazil, Russia and
Ukraine.
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