India's February 2024 palm oil imports plunge to nine-month low; sun oil rises

게시됨 2024년 3월 5일

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India's palm oil imports hit a nine-month low in February 2024 due to high prices, leading to a surge in sunflower oil purchases. This decrease could affect Malaysian palm oil futures but may help decrease sunflower oil stockpiles in the Black Sea region. The country's total edible oil imports also dropped to a nearly two-year low. India primarily imports palm oil from Indonesia, Malaysia, and Thailand, and soyoil and sunflower oil from Argentina, Brazil, Russia, and Ukraine.

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원본 콘텐츠

MUMBAI (March 5): India's palm oil imports in February 2024 plunged to their lowest levels in nine months, as higher prices prompted buyers to reduce purchases of the tropical oil and increase buying of sunflower oil, five dealers told Reuters on Tuesday. Lower purchases by India, the world's biggest importer of vegetable oils, could weigh on benchmark Malaysian palm oil futures, but will help reduce sunflower oil inventories in the Black Sea region. February palm oil imports fell 35.6% month-on-month to 504,000 metric tonnes, the lowest since May 2023, according to estimates from dealers. "Palm oil imports have declined significantly due to persistently negative margins and competitive pricing of soybean and sunflower oil," said Rajesh Patel, managing partner at edible oil trader and broker GGN Research. Palm oil usually trades at a discount to rival soyoil and sunflower oil, but falling stocks have lifted its prices above rival oils, whose supplies are abundant. Crude palm oil ...

출처: Theedgemarkets