India boosts vegetable oil imports to 4-month high, traders say

Published 2024년 12월 3일

Tridge summary

In November, India's vegetable oil imports reached a four-month high due to refiners increasing purchases of palm oil, soybean oil, and sunflower oil to meet the robust demand during the festival season. Palm oil imports rose by 0.5% to 850,000 metric tonnes, and soybean oil imports surged by 20% to 410,000 metric tons, achieving a three-month high. Sunflower oil imports also increased by 43% to 341,000 metric tons, reaching a four-month high. Consequently, India's total vegetable oil imports in November increased by 12% to 1.6 million tons. This development is anticipated to help reduce inventories in producing countries and support benchmark Malaysian palm oil futures.

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

Original content

By Rajendra Jadhav MUMBAI (Reuters) - India’s vegetable oil imports in November jumped to their highest level in four months as refiners increased purchases of palm oil, soybean oil and sunflower oil to replenish stocks after robust demand during the festival season, five dealers said. Increased palm oil imports by India, the world’s biggest buyer of vegetable oils, would help reduce inventories in producing countries and support benchmark Malaysian palm oil futures, which are trading near their highest in more than two years. Palm oil imports rose 0.5% in November from the previous month to 850,000 metric tonnes, according to dealer estimates. Festival season demand has been good this year, giving refiners confidence to buy more to replenish, said Sandeep Bajoria, CEO of Sunvin Group, a vegetable oil brokerage. Indians celebrated the Dussehra and Diwali festivals in October and November, increasing their consumption of sweets and fried foods. Soybean oil imports in November rose ...

Source: NoticiasAgricolas