India’s palm oil imports set to rise from five-year low on competitive prices

of Patanjali Foods Ltd, palm oil imports could rise to 9.3 million metric tons, up from 7.58 million tons last marketing year, which was the lowest in five years. Imports had previously fallen by 15.9% due to palm oil trading at a premium compared to soy oil. Palm oil is currently trading at a discount of around $100 per ton relative to soy oil and over $200 per ton versus sunflower oil, prompting buyers to book shipments for the coming months. This is likely to reduce stocks in key producing countries such as Indonesia and Malaysia and support benchmark Malaysian palm oil futures. Soy oil imports in the new season are expected to slightly exceed last year’s record 5.47 million tons, while sunflower oil purchases may fall to 2–2.5 million tons due to drought-related crop damage in the Black Sea region, which has driven up prices. Total edible oil imports in India for the new season are forecast at a record 16.5–17 million tons, compared with 16 million tons last year. ...