India's February 2024 palm oil imports plunge to nine-month low; sun oil rises

MUMBAI (March 5): India's palm oil imports in February 2024 plunged to their lowest levels in nine months, as higher prices prompted buyers to reduce purchases of the tropical oil and increase buying of sunflower oil, five dealers told Reuters on Tuesday. Lower purchases by India, the world's biggest importer of vegetable oils, could weigh on benchmark Malaysian palm oil futures, but will help reduce sunflower oil inventories in the Black Sea region. February palm oil imports fell 35.6% month-on-month to 504,000 metric tonnes, the lowest since May 2023, according to estimates from dealers. "Palm oil imports have declined significantly due to persistently negative margins and competitive pricing of soybean and sunflower oil," said Rajesh Patel, managing partner at edible oil trader and broker GGN Research. Palm oil usually trades at a discount to rival soyoil and sunflower oil, but falling stocks have lifted its prices above rival oils, whose supplies are abundant. Crude palm oil ...