India slows palm oil imports amid rising prices and negative margins

Indian buyers have cut palm oil purchases for December and January deliveries due to rising prices and as refiners face negative margins after increasing imports in the past few months, industry officials told Reuters on Thursday. Cutting purchases by the world's largest importer of vegetable oils could lead to higher palm oil inventories at key producers Indonesia and Malaysia, putting pressure on benchmark futures, which are trading near their highest level in two months. "Traders are trying to clear inventories accumulated at ports due to aggressive imports in recent months," Rajesh Patel, managing partner at edible oil trader and broker GGN Research, told Reuters. "Currently there is no import parity. Old imported stocks are offered at lower prices compared to the prices of new stocks." The market price of crude palm oil for December shipments to the West Coast excluding import taxes is Rs 77,500 per tonne, while already imported oil is being offered at Rs 76,500, traders ...