Imports of Palm oil by India rose to the highest level in three months in April as lower prices attracted buyers while imports of competing soybean oil fell, a leading trade body said on Tuesday.
Palm oil imports grew by 40.9% in April compared to the previous month reaching 684,094 tons, the highest level since January. The Solvent Extractors Association of India (SEA) said in a statement.
Growth in Indian palm oil imports could support Malaysian palm oil benchmark futures. The contract hit a three-month low on May 10.
Traders offer crude palm oil (CPO) imports at around $920 a tonne, including cost, insurance and freight (CIF), into India for delivery in June. They also offer soybean oil and sunflower oil at about $920 and $945 a tonne respectively, they told Reuters earlier this month.
Imports of sunflower oil fell by 47.3% to 234,801 tonnes, while soybean oil increased by 76.4% to 385,514 tonnes. Indian imports of edible oil, including palm and soybean, grew by 13% to reach 1.3 million tonnes.
India buys palm oil mainly from Indonesia, Malaysia and Thailand. While importing soybean oil and sunflower oil from Argentina, Brazil, Russia and Ukraine.
Source: Ashitha Shivaprasad | Notícias Agrícolas
