Palm oil imports hit 14-month high, soyoil purchases set record
India will celebrate the Diwali festival this month, when the need for edible oils typically peaks
Indian palm oil imports reached their highest level in over a year in October, while soyoil purchases hit a record high, according to five dealers cited by Hindu BusinessLine. The surge in imports is attributed to lower prices, prompting refiners to increase buying to build stocks for the festive season, which is expected to peak during Diwali.
The overall edible oil imports rose 13% to 1.74 million tons, the highest in more than two years, driven by higher shipments of all three oils. Despite higher production in top producers Indonesia and Malaysia, the increased imports could curb stock growth in these countries and support benchmark palm oil futures.
Brief written by urgent.news from Hindu BusinessLine's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
