India’s May palm oil imports reach 4-month high on price drop-dealers
“India’s palm oil imports surged by 12.4% in May, hitting a four-month peak due to price corrections, per five Reuters-dealers. The uptick in purchases, by the world’s largest vegetable oil importer, may bolster Malaysian palm oil futures. Prices plummeted to a three-month low in May. This rise underscores India’s significant role in the global palm oil market and suggests potential market impacts from its purchasing trends.”
India’s palm oil imports rose by 12.4% in May from the previous month to reach the highest level in four months as the recent correction in prices led to higher purchases, five dealers told Reuters.
Higher palm oil purchases by India, the world’s biggest importer of vegetable oils, could support the benchmark Malaysian palm oil futures that fell to their lowest level in more than three months in May.
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