Palm oil imports climb for ninth month on festive boost
INDIA’S palm oil imports climbed for a ninth month in October as traders and refiners increased purchases to meet demand for festivals.
Imports advanced 1.1 per cent from a year earlier to 747,658 tonnes, the Solvent Extractors’ Association of India said in a statement on Tuesday. That compares with a median estimate of 755,000 tonnes in a Bloomberg survey. Total vegetable oil purchases, including sunflower oil and those for industrial use, declined 0.5 per cent to 1.17 million tonnes, the association said.
Palm oil climbed 4.5 per cent in October, the most since July, on demand from India and China. Buying generally picks up in India, the world’s biggest importer, as Hindus celebrate major holidays such as Dussehra and Diwali between September and November.
Soybean oil imports slumped 21 per cent to 220,200 tonne in October from a year earlier. The country buys soybean oil mainly from the US, Brazil and Argentina. Sunflower oil purchases surged 33 per cent to 128,791 tonnes, the association said.
Palm oil imports climbed 10 per cent to 9.29 million tonnes in the year ended Oct. 31 from a year earlier, according to the association. Soybean oil imports dropped 22 per cent in the period to 3.32 million tonnes, while sunflower oil imports increased 43 per cent to 2.17 million tonnes, it said.