India: Demand for palm oil grows with rival oil prices on the rise due to supply problems

By Rajendra Jadhav MUMBAI (Reuters) - Demand for palm oil has been growing as its discount to soybean and sunflower oils has increased, boosted by the recent rise in prices of rival oils due to concerns over U.S. production and supply disruptions from the U.S. Black Sea region, industry officials said. This increase in demand is expected to help Indonesia and Malaysia reduce their palm oil inventories, while simultaneously bolstering Malaysian palm oil futures. “Aggressive pricing has been helping palm oil as buyers switch from other oils to palm oil in shipments next month,” said Sanjeev Asthana, chief executive of Patanjali Foods Ltd., India's biggest palm oil buyer. . India, the world's biggest buyer of edible oils, imported 1.09 million tonnes of palm oil in July, nearly 60% more than in June and the highest volume in seven months. Imports from India will remain robust through August and September as well, Asthana says. Crude palm oil is offered at $910 a tonne including cost, ...