Palm Oil Imports by India Sliding as Buyers Like Sunflowers
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Imports of palm oil by India, the world’s largest buyer, probably dropped for a second month as a shrinking discount to soybean and sunflower oils cut its appeal. Futures in Kuala Lumpur slumped to a nine-month low.
Shipments of the main crude and refined palm oils fell 3.8 percent to 625,000 metric tons in June from a year earlier, the median of estimates from five processors and brokers compiled by Bloomberg show. Imports of sunflower oil jumped 58 percent to 160,000 tons, while crude soybean oil purchases were little changed at 140,000 tons, the survey showed. The Solvent Extractors’ Association of India publishes the data next week.