India's January palm oil imports hit three-month low as soyoil shipments rise, say dealers

RBD Palm Oil
Published Feb 6, 2024

Tridge summary

India's palm oil imports dropped 12% to 787,000 metric tonnes in January, hitting a three-month low due to negative refining margins for crude palm oil. This could result in high palm oil inventories in top producing countries, Indonesia and Malaysia. Conversely, soyoil imports rose by 24% to 190,000 tonnes due to competitive pricing. Overall, India's total edible oil imports fell by 9.2% to 1.19 million tonnes.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

MUMBAI (Feb 5): India's palm oil imports fell to a three-month low in January, as refiners increased buying of rival soyoil due to negative refining margins for crude palm oil (CPO), five dealers told Reuters on Monday. Lower purchases by the world's biggest importer of vegetable oils could keep palm oil inventories elevated in top producers Indonesia and Malaysia and weigh on benchmark futures. January palm oil imports fell 12% from the previous month to 787,000 metric tonnes, estimates from dealers showed. Crude palm oil imports fell 16% to 541,000 tonnes last month, they said. Palm oil imports were down primarily because of a significant decrease in CPO buying, as refiners saw more negative margins compared to refined bleached deodorized (RBD) palmolein, said Rajesh Patel, managing partner at edible oil trader and broker GGN Research. "Soya oil imports increased as prices were highly competitive compared to palm products, and refining margins were in positive territory," he ...
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