Mumbai, 02 May (CommoditiesControl): In April, India witnessed a remarkable 41% surge in palm oil imports compared to the previous month, marking a three month peak. This significant increase, totaling 682,000 metric tons, was attributed to declining prices, prompting refiners to boost their purchases.
India's heightened palm oil acquisitions, as the largest importer of vegetable oils globally, could provide support to benchmark Malaysian palm oil futures, which are currently hovering near their lowest level in three months.
Furthermore, the country's edible oil imports experienced a notable 13% rise to 1.3 million tons, driven by increased imports of palm oil and soyoil. Amidst this trend, crude palm oil imports for June delivery in India are now competitively priced at approximately $920 per metric ton, further enhancing its appeal compared to rival oils.
(By Commoditiescontrol Bureau; +91-9820130172)
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