Palm Imports by India Climb to Seven-Month High as Prices Slump
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Palm oil imports by India, the world’s biggest buyer, jumped to the highest level since December as tumbling prices prompted traders and refiners to replenish inventories.
Overseas purchases of crude and refined palm oils rose 14 percent to 648,503 metric tons in July from a year earlier, the Solvent Extractors’ Association of India said in an e-mailed statement today. That’s more than the median estimate of 612,000 tons in a Bloomberg survey. Crude soybean oil imports jumped 30 percent to a record 306,068 tons, and sunflower oil shipments surged 80 percent to 111,936 tons, the association said.