Cooking Oil Imports by India Rising Send Reserves to Record
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Cooking oil imports by India, the largest palm oil buyer, climbed for the third straight month because of a decline in prices and on speculation import taxes would rise, a processor group said. Reserves gained to a record.
Shipments of vegetable oils, including for industrial use, advanced 11 percent to 969,175 metric tons in February from 876,669 tons a year earlier, the Solvent Extractors’ Association of India said in an e-mailed statement today. That matched a median estimate of 975,000 tons in a Bloomberg survey of five processors and brokers this week.