India's vegetable oil imports in January may have fallen 7 percent from December as buyers slowed overseas purchases on high global prices, a Reuters survey shows. Last month, the Malaysian benchmark palm oil contract hit a 33-month high as part of a weather-driven rally in global vegetable oil markets.
Heavier-than-usual rains stalled harvesting in top producers Indonesia and Malaysia, and dry weather slowed soy plantings in South America, raising concern over tight global supplies. India's palm oil imports - the bulk of its purchases - fell 16 percent in January over the previous month, according to the survey of eight traders, while soyoil imports are seen up 41 percent on seasonal demand. In India, the world's top vegetable oil importer, soyoil consumption goes up in the winter season as rival palm, a tropical oil, solidifies at lower temperatures.