India Cooking Oil Imports May Slump as Prices Surge
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Cooking oil imports by India, the biggest user after China, may tumble this month, likely pushing palm oil prices lower, after a jump in futures to a 26-month peak made foreign supplies more expensive than locally sold oils.
Purchases may decline 36 percent to 600,000 metric tons in October, from 942,257 tons in September, Govindlal G. Patel, managing partner at GG Patel & Nikhil Research Co., said in an interview. The country is the largest buyer of palm oil, which represents about 80 percent of edible-oil shipments.