India’s July edible oil imports to surge to record on robust palm buying: report
India has bought a record amount of edible oils for July delivery, driven by refiners increasing palm oil and soy oil purchases due to attractive prices and an anticipated hike in import duties, according to industry and government sources. This surge in palm oil imports by India, the world’s largest vegetable oil importer, is expected to help reduce inventories in producing countries such as Indonesia and Malaysia, thereby supporting benchmark prices.
India bought a record amount of edible oils for July delivery, as refiners increased palm oil and soy oil purchases due to lucrative prices and ahead of an anticipated hike in import duties, industry and government sources told Reuters.
Higher palm oil purchases by India, the world’s biggest importer of vegetable oils, will help to reduce inventories in producer countries like Indonesia and Malaysia and support benchmark prices.
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