India's August soyoil, palm oil imports rise on stocking

India's soyoil and palm oil imports surged in August, with the former rising 26% to a record high of 628,736 tons, while palm oil imports climbed to 782,761 metric tons, the highest since February. The increase in imports is attributed to refiners stocking up ahead of the country's festival season, which typically sees a peak in edible oil demand.

The Solvent Extractors' Association of India (SEA) reported that overall edible oil imports rose 1.5% to an 11-month high of 1.57 million tons, driven by higher shipments of palm oil and soyoil. Refiners are increasing purchases to build stocks, with soyoil available at competitive prices compared to palm oil. The disruption of sunflower oil shipments from the Black Sea region due to the war is also prompting refiners to increase their soyoil purchases.

The surge in imports could help top producers like Indonesia, Malaysia, and Argentina move their stocks, supporting benchmark palm oil and soyoil futures.

Brief written by urgent.news from Business Recorder's own syndicated text. Machine-written — may contain errors; check the original before relying on it.