India cancels import of over 100 thsd tons of soybean oil
Assh Acharya, Vice President of Patangali Foods Limited, one of India’s largest vegetable oil importers, stated that due to rising domestic supplies of soybean oil and the weakening of the Indian rupee, more than 100,000 tons of soybean oil recently shipped to the market have been canceled or postponed until next month.
The increase in domestic soybean oil supply and the rupee’s depreciation have caused a significant drop in demand and strong downward pressure on spot prices for soybean oil in China.
On the futures market, the main May 2605 contract closed at 7,712 yuan per ton, down 94 points, with a trading volume of 340,002 lots and an increase of 11,645 lots in open positions, indicating growing bearish sentiment.
Analysts note that these developments could further deepen the downward trend in soybean oil futures prices.
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