Wednesday, 12 March 2014

Palm Oil Imports By India - The World Biggest Buyer

Palm oil imports by India, the world’s biggest buyer, probably tumbled for a second month as global prices jumped to the highest since 2012 and refiners awaited supplies from the domestic rapeseed harvest. 

Shipments of the main crude and refined oils fell 30%  to 550,000 metric tons in February from a year earlier, the median of estimates from five processors and brokers compiled by Bloomberg show...

India imports more than 50 percent of its cooking oil demand, shipping palm from Indonesia and Malaysia, the top producers, and soybean oil from the U.S., Brazil and Argentina.

Crude soybean oil imports probably jumped 60 percent to 100,000 tons in February from 62,585 tons a year earlier, while sunflower oil purchases rose to 100,000 tons from 84,310 tons, the survey shows.

Total vegetable oil imports, including for industrial use, dropped 20 percent in February to 780,000 tons. 

Its discount to soybean oil narrowed to $93.27 a ton from an average $195.29 in the past year, data compiled by Bloomberg show.

Cooking oil stockpiles at ports and due to arrive to India probably totaled 1.35 million tons at the start of March from 1.52 million tons a month earlier, said Bajoria.

“Consumption should rise in the summer months.” India may harvest 7.23 million tons of rapeseed, the main oilseed grown in the winter season, up from 6.7 million tons last year, the association said, citing estimates by the Central Organization for Oil Industry Trade, on March 10.

Total vegetable oil imports by India are seen at 11.2 million tons in the year started Nov. 1, compared to 10.7 million tons a year earlier, COOIT said.

Source: Bloomberg news