India in June sharply increased imports of vegetable oils amid lower world prices

India, which is the world’s largest importer of vegetable oils, continues to increase its imports, taking advantage of the decline in world prices to a one-year low.

According to Reuters, in June, the country increased imports of palm oil by 49% to a three-month high of 655 thsd tonnes, soybean oil by 35% to 432 thsd tonnes, and sunflower oil by 36% to 190 thsd tonnes compared to May.

the August futures for palm oil on the Bursa exchange in Malaysia yesterday rose 1.2% to 3911 ringgit/t or 840 $/t (+9.8% for two weeks) in anticipation of data from the Board of palm oil Malaysia (MRO), while analysts predict a reduction in production and stocks amid increased exports in June.

On the Chicago stock exchange, the August futures for soybean oil yesterday fell 3.1% to 1387 $/t (+9.2% for the week, +26% for the month), as traders took profits after a sharp rise in prices over the past week.

the price of sunflower oil for delivery to customers remain at the level of 900 $/t, however, in Ukraine the number of proposals is reduced due to active exports, which in 2022/23 MG has already reached 4.8 million tons with a forecast of 4.5 million tons.

Tags: India