Cooking-Oil Imports by India Fall as Rupee Drop Deter Buyers
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Cooking-oil purchases by India, the world’s biggest consumer after China, probably dropped for the first time in five months in June after a plunge in the rupee to a record low deterred importers. Futures in Malaysia tumbled.
Shipments slid to 850,000 metric tons last month from 862,550 tons a year earlier, according to the median estimate in a Bloomberg survey of five processors and brokers. Imports of crude and refined palm oil declined 16 percent to 600,000 tons from 712,356 tons, the survey showed. The Solvent Extractors’ Association of India will publish shipment data next week.