China Buys More Indonesian Palm Oil on Mooncake Demand: Chart

China regained its position as the second-biggest buyer of Indonesian palm oil in June, surpassing the European Union for the first time since December and lagging only India. Shipments to China more than doubled from a month earlier as cheaper supplies and an upcoming major autumn festival requiring millions of mooncakes boosts edible oil demand. With palm oil’s discount to soybean oil widening in July to the most this year, price-sensitive buyers may increasingly switch to palm.

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