India reduced imports of sunflower oil by 36% in June

According to dealers, imports of sunflower oil to India in June fell by 36% from a month earlier to 190 thousand metric tons. India’s palm oil imports jumped 49% in June from the previous month to the highest level in three months as buyers took advantage of falling prices to the lowest level in 28 months to increase purchases, six dealers told Reuters. The resumption of purchases by the world’s largest importer of vegetable oil will support Malaysian palm oil futures and help leading producers in Indonesia and Malaysia reduce inventories. India’s palm oil imports rose to 655,000 metric tons in June, up from 439,173 metric tons in May, according to dealers’ average estimates. Imports in May were the lowest since February 2021, as tropical oil has started trading at a premium to soybean and sunflower oil in the past few months, prompting buyers to switch to cheaper soft oils. But a decline in imports in May and a price correction prompted Indian buyers to increase purchases in ...