Indian traders boosted palm oil imports in September to the highest level since early 2022, driven by strong demand for the product at a better market price than other oils and ahead of the country’s festival season. Reuters reported this, citing a survey of six market participants.
Increased buying from India could help the palm’s biggest producer, Indonesia, reduce rising stockpiles and support underlying Malaysian butter prices, which have almost halved from this year’s record highs.
Imports of palm oil, for example, rose 21% in September to 1.2 million tons, according to Reuters’ average estimate based on a survey of experts.
“Palm oil was much cheaper than other edible oils,” said Rajesh Patel, managing partner at GGN Research. “It was natural that purchasing volumes would increase.”
Even in October, oil imports into India will remain stable at around 1 million tons, as prices are beautiful, said a trader at a Mumbai-based trading company.
Crude palm oil (CPO) is now being offered for October delivery at $855/t, compared with $1,207 for crude soybean oil, market participants say.
As for soybean oil imports, September figures were up 10% from the previous month, up to 270,000 tons. Imports of sunflower oil increased by 22% to 165,000 tons.
“Imports of sunflower oil have increased as supplies from Ukraine through the “grain corridor” have resumed since August”, said Sandeep Bajoria, president of Sunvim Group.
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