India’s top palm oil buyer expects 23% jump in imports

AGRA: India’s palm oil imports in 2022/23 could jump 23% from a year earlier to 9.5 million tonnes, the highest in eight years, as a rebound in consumption and competitive prices prompts refiners to increase purchases, the country’s top palm oil buyer said.

“Palm is very attractive as prices are under pressure because of stocks,” Sanjeev Asthana, chief executive officer at Patanjali Foods Ltd said on the sidelines of Globoil conference.

Palm oil may revisit Sept 20 low of 3,631 ringgit

Palm oil’s big discount to soyoil is unsustainable and it is likely to narrow in coming months, he said.