AIRLINK 175.55 Decreased By ▼ -2.01 (-1.13%)
BOP 11.01 Decreased By ▼ -0.04 (-0.36%)
CNERGY 8.29 Increased By ▲ 0.12 (1.47%)
FCCL 47.23 Decreased By ▼ -0.09 (-0.19%)
FFL 16.02 Decreased By ▼ -0.10 (-0.62%)
FLYNG 27.31 Decreased By ▼ -0.04 (-0.15%)
HUBC 142.32 Decreased By ▼ -4.59 (-3.12%)
HUMNL 13.30 Decreased By ▼ -0.21 (-1.55%)
KEL 4.44 Decreased By ▼ -0.06 (-1.33%)
KOSM 5.90 Decreased By ▼ -0.01 (-0.17%)
MLCF 61.80 Decreased By ▼ -0.22 (-0.35%)
OGDC 226.77 Decreased By ▼ -7.91 (-3.37%)
PACE 5.77 Decreased By ▼ -0.03 (-0.52%)
PAEL 44.80 Decreased By ▼ -1.61 (-3.47%)
PIAHCLA 17.88 Decreased By ▼ -0.24 (-1.32%)
PIBTL 10.47 Decreased By ▼ -0.10 (-0.95%)
POWER 12.02 Increased By ▲ 0.03 (0.25%)
PPL 185.92 Decreased By ▼ -5.88 (-3.07%)
PRL 37.16 Decreased By ▼ -0.16 (-0.43%)
PTC 24.05 Increased By ▲ 0.85 (3.66%)
SEARL 100.29 Decreased By ▼ -0.60 (-0.59%)
SILK 1.15 No Change ▼ 0.00 (0%)
SSGC 38.51 Decreased By ▼ -1.20 (-3.02%)
SYM 14.75 Decreased By ▼ -0.28 (-1.86%)
TELE 7.73 Decreased By ▼ -0.11 (-1.4%)
TPLP 11.03 Decreased By ▼ -0.08 (-0.72%)
TRG 66.00 Decreased By ▼ -1.29 (-1.92%)
WAVESAPP 10.97 Decreased By ▼ -0.38 (-3.35%)
WTL 1.35 Decreased By ▼ -0.01 (-0.74%)
YOUW 3.78 Increased By ▲ 0.01 (0.27%)
BR100 12,826 Increased By 19.4 (0.15%)
BR30 38,861 Decreased By -842.2 (-2.12%)
KSE100 118,792 Decreased By -146.5 (-0.12%)
KSE30 36,779 Increased By 22.6 (0.06%)

MUMBAI: India’s palm oil and soyoil imports surged to their highest levels in about a year in July, as refiners increased purchases for upcoming festivals amid a correction in prices, a leading trade body said on Wednesday.

Higher palm oil purchases by the world’s biggest importer of vegetable oils will bring down inventories in top producers Indonesia and Malaysia and support benchmark futures, which are trading near their lowest level in seven months.

India’s palm oil imports rose more than 37% in July from the previous month to about 1.1 million metric tons, the highest since August 2023 and in line with traders’ estimates, the Solvent Extractors’ Association of India (SEA) said.

Imports of soyoil gained 42% to 391,791 tons, the highest in 13 months, while sunflower oil imports fell 21.3% to 366,541 tons, the SEA said in a statement.

Total vegetable oil imports jumped 22.2% in July to 1.9 million tons, the second highest on record, the SEA said.

India on average has been importing 1.3 million tons of edible oil so far in the marketing year beginning November 2023.

Palm oil close lower on weak August export, stronger ringgit

Imports in July rose in anticipation of improved demand for the upcoming festival season, but the surge led to congestion at Kandla port, causing berthing delays of 8 to 10 days, the SEA said.

Higher imports lifted vegetable oil stocks in the country to 2.9 million tons, the highest in eight months, the trade body said.

India buys palm oil mainly from Indonesia, Malaysia and Thailand, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine.

Vegetable oil imports in August are likely to moderate to around 1.5 million tons as traders are curtailing purchases of palm oil and sunflower oil, a Mumbai-based trader said.

Comments

Comments are closed.