India: April palm oil imports rise to 3-month high

Published May 15, 2024

Tridge summary

India's palm oil imports experienced a 40.9% surge in April, reaching their highest level in three months with 684,094 metric tons, as reported by the Solvent Extractors’ Association of India. This increase is attributed to the allure of lower prices. Concurrently, sunflower oil imports saw a significant decrease of 47.3% to 234,801 tons, while soyoil imports rose by 76.4% to 385,514 tons. Overall, India's total edible oil imports increased by 13% to 1.3 million tons, driven by the rise in palm oil and soyoil purchases. India sources its palm oil mainly from Indonesia, Malaysia, and Thailand, while soyoil and sunflower oil are imported from countries like Argentina, Brazil, Russia, and Ukraine.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

India’s palm oil imports rose to their highest level in three months in April as lower prices lured buyers, while rival sunoil imports slipped, a leading trade body said on Tuesday. Palm oil imports rose 40.9% in April from the previous month to stand at 684,094 metric tons, the highest since January, the Solvent Extractors’ Association of India (SEA) said in a statement. Higher palm oil purchases by India, the world’s biggest importer of vegetable oils, could support the benchmark Malaysian palm oil futures FCPOc3. The contract hit a three-month low on May 10. Crude palm oil’s (CPO) imports are offered at about $920 a metric ton, including cost, insurance and freight (CIF), in India for June delivery, while soyoil and sunflower oil are offered around $920 and $945 a ton, respectively, dealers told Reuters earlier this month. Sunflower oil imports fell 47.3% to 234,801 tons while imports of soyoil rose 76.4% to 385,514 tons. Higher imports of palm oil and soyoil ...

Source: UkrAgroConsult