MUMBAI: India’s palm oil imports in September fell 26% from the previous month to 834,797 metric tons, the lowest in three months, as higher inventories prompted refiners to curtail purchases, a trade body said on Friday.
Lower purchases by the world’s biggest importer of vegetable oils could lead to higher stocks of palm oil in key producers Indonesia and Malaysia, weighing on benchmark futures.
Imports of soyoil edged 0.1% higher to 358,557 tons and those of sunflower oil were down about 17.8% at 300,732 tons, the Mumbai-based Solvent Extractors’ Association of India (SEA) said in a statement. Vegetable oil imports fell about 17% to 1.55 million tons from last month’s record purchases of 1.87 million tons, it added.
“India imported more than necessary during July and August, but retail demand in the country is weak. Refiners are now struggling to sell imported oil,” said a Mumbai-based edible oil trader.
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