India's vegetable oil imports may have risen by 37 percent in May, the second straight monthly rise, as local supply dropped on depleting oilseeds stocks ahead of the summer planting season, a trend that is likely to continue next month, a Reuters survey showed on Friday.
Palm oil imports, which account for the bulk of India's cooking purchases, are expected to have risen 50 percent in May over the previous month, according to a survey of eight traders. India's higher imports may push up Malaysia palm oil futures which witnessed volatility ahead of release of a flurry of agricultural data.
By midday, the benchmark August crude palm oil contract on Bursa Malaysia Derivatives fell 0.4 percent to 3,275 Malaysian ringgit ($1,084) per tonne. India, the world's top vegetable oil importer, buys mainly palm oils from Indonesia and Malaysia, and small quantities of soyoil from Argentina and Brazil. Soyoil imports could have almost doubled- the first rise in three months, as soybean stocks depleted before planting season begins for the main summer oilseed crop.
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