India increased purchases of vegetable oils by 26% in July

India bought a record amount of edible oils for July delivery, as refiners increased palm oil and soyoil purchases due to lucrative prices and ahead of an anticipated hike in import duties, industry and government sources told Reuters. Higher palm oil purchases by the world’s biggest importer of vegetable oils will help to reduce inventories in top producer Indonesia and Malaysia and support benchmark prices FCPOc3. Edible oil imports are set to jump to a record 1.92 million metric tons, up nearly 26% from a month ago, according to average estimates from the data shared by trade houses. India on average has been importing 1.2 million tons of edible oil so far in the current marketing year which began November 2023. Around 1.45 million tons of edible oils have already been discharged at various ports, including 850,000 tons of palm oil, said a government official, who declined to be named as he was not authorised to speak to the media. Palm oil imports in July are expected to jump ...