India's September palm oil imports hit six-month low on price rise, dealers say

Published Oct 4, 2024

Tridge summary

India's palm oil imports in September dropped by 34% to 530,000 metric tonnes, hitting a six-month low due to higher tropical oil prices making it more expensive than rival oils. This could result in higher stocks of palm oil in Indonesia and Malaysia. Other edible oil imports such as soyoil and sunflower oil also saw a decrease. The total edible oil imports in September fell by 31% to 1.06 million tonnes. However, there is expectation for an increase in palm oil imports in October due to the festive season.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

MUMBAI (Oct 3): India's palm oil imports in September fell by nearly a third compared to the previous month, hitting a six-month low as a surge in tropical oil prices made it more expensive than rival oils, forcing refiners to postpone purchases, five dealers said. Lower purchases by the world's biggest importer of vegetable oils could lead to higher stocks of palm oil in key producers Indonesia and Malaysia, weighing on benchmark futures. Palm oil imports fell 34% in September from the previous month to 530,000 metric tonnes, according to estimates from dealers. "Palm oil became more expensive than soybean oil and sunflower oil last month. Simultaneously, India increased import duties, prompting some refiners to cancel contracts," said Sandeep Bajoria, CEO of Sunvin Group, a vegetable oil brokerage. Palm oil typically trades at a discount to soft oils, but it is currently being offered at a premium over the soft oils for October shipments. In mid-September, India raised the basic ...
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