Top palm oil buyer India's May imports set to fall to 27-month low
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India's palm oil imports in May are set to fall to their lowest in 27 months as its rare premium other edible oils prompted buyers to cancel cargoes and replace them with soyoil and sunflower oil, dealers and cargo surveyors said on Tuesday.
The surprising drop in palm oil imports by India, the world's biggest importer of vegetable oils, could bring down palm oil prices. Malaysia and Indonesia, the two largest global producers, may lower their palm oil offers to regain market share from other edible oils.
The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange fell 1.85% to 3,365 ringgit a tonne after Reuters reported the drop in Indian imports.
Around 261,000 tonnes of palm oil was discharged at various Indian ports in the first twenty days of May and another 150,000 tonnes is expected to be discharged in the remaining 11 days, for a total of 411,000 tonnes, according to average estimates from the dealers and cargo surveyors.
India's average monthly palm oil imports in the first six months of the 2022/23
