India purchased a record 467,000 tons of sunflower oil in June

India’s palm oil imports rose 3% in June from May to the highest level in six months on robust demand from refiners ahead of upcoming festivals and because the oil was trading at a discount compared to competing oils, reports Rectail citing Reuters. Palm oil was nearly $80 a ton cheaper than the others, making it attractive.

Palm oil imports jumped to 788,000 tons in June, the highest since December. Dealers estimate palm oil imports could rise to 850,000 tons in July.

Sunflower oil shipments to India in June rose 14% from the previous month to a record 467,000 tons.

Soybean oil imports to India fell 16% in June, to 273,000 tons.

Higher palm oil and sunflower oil imports boosted the country’s combined edible oil imports by 2% to 1.53 million tons, the highest in 10 months.

Crude palm oil (CPO) imports are offered at around $985 per tonne including cost, insurance and freight (CIF) in India for delivery in August, while soybean oil and sunflower oil are offered at around $1065 and $1050 per tonne, respectively.

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

Tags: imports, India, soybean oil, sunflower oil