India’s palm oil imports declines

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MUMBAI- India’s palm oil imports are set to plunge to a near five-year low in January, hit by negative refining margins as the tropical oil’s premium over rivals drives buyers to more competitively priced soyoil, government and industry officials told Reuters.

Lower palm oil imports by the world’s biggest buyer of vegetable oils could weigh on benchmark Malaysian palm oil prices but support US soyoil futures

“About 110,000 metric tons of palm oil was cleared in the first half of January, which is a pretty small amount compared to the usual monthly imports,” said a government official, who sought anonymity as he was not allowed to speak to media.

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The thin lineup of vessels carrying palm oil at key ports such as Kandla, Haldia, and Krishnapatnam over the next two weeks suggests imports could drop to about 370,000 metric tons in January, said a leading Indian palm oil buyer.

India imported an average of more than 750,000 tons of palm oil every month in the marketing year that ended in Oct. 2024, says trade body the Solvent Extractors’ Association of India, which is set to publish its January import data by mid-February.

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