India's palm oil imports dive 27% as price rise dents demand, dealers say

MUMBAI (Sept 3): India's palm oil imports in August fell more than a quarter from a month ago on ample stocks and as negative margins prompted refiners to curtail purchases of the tropical oil, five dealers said on Tuesday. Lower purchases by the world's biggest importer of vegetable oils could lead to higher stocks of palm oil in key producers Indonesia and Malaysia, weighing on benchmark futures. Palm oil imports fell 27% in August from the previous month to 791,000 metric tonnes, according to estimates from dealers. "In July, imports were substantially higher than local requirements, so refiners curtailed imports this month," said Sandeep Bajoria, CEO of Sunvin Group, a vegetable oil brokerage. "Furthermore, after the recent price rise in palm oil, it became as expensive as soyoil, providing no incentive to purchase palm oil." Palm oil typically trades at a discount to soft oils, but it is currently being offered at the same price as competing soft oils for September shipments. ...