Palm oil im­ports climb for ninth month on fes­tive boost

Financial Chronicle - - MONEY GAME - PRATIK PARIJA

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.

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