India has cut palm oil imports by 27% due to rising prices

In August, compared to July, India reduced the import of edible oils by 17% to 1.53 million tons, in particular palm oil - by 27% to 791 thousand tons, against the background of significant reserves and negative margins at oil refineries. This could lead to an increase in palm oil stocks in the main producers - Malaysia and Indonesia, which will increase the pressure on quotations. In July, palm oil imports significantly exceeded local needs, so in August, refiners sharply reduced imports. Moreover, the prices of palm oil have risen to the level of the prices of soybean oil, so it has become uninteresting for buyers. Palm oil is usually sold cheaper than other vegetable oils, but now prices for September delivery are the same as competing oils. GGN Research, an edible oil trading company, said that palm oil refining margins turned negative in August, so refiners cut purchases. At the same time, the import of sunflower oil in August decreased by 21% to 288,000 tons, and soybean oil ...