India’s June palm oil imports rise

MUMBAI: India’s palm oil imports jumped 56% to a three-month high in June, as buyers took advantage of a dip in prices to increase purchases, a leading trade body said on Friday. Imports rose to 683,133 metric tons in June, up from 439,173 metric tons in May as prices fell to their lowest in 28 months, the Mumbai-based Solvent Extractors’ Association of India (SEA) said in a statement.

A rebound in buying by the world’s biggest vegetable oil importer would support Malaysian palm oil futures and help top producers Indonesia and Malaysia to trim inventories.