India May palm oil imports nearly doubles, soyoil jumps - trade body
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MUMBAI - India's palm oil imports nearly doubled in May from last year's low base to the highest level in 4-months as refiners bought aggressively to replenish inventory, a leading trade body said in a statement on Monday.
The country's palm oil imports in the month jumped 92% to 769,602 tonnes, while soyoil purchases rose by 43% to 267,781 tonnes, the Solvent Extractors’ Association of India (SEA) said in a statement.
India's sunflower oil imports rose 31% to 175,759 tonnes in May, it added.
The country's imports in May jumped as stocks had depleted after a drop in the imports in the last few months, the SEA said in a statement.
India buys palm oil from Indonesia and Malaysia while other oils, including soyoil and sunflower oil, are sourced from Argentina, Brazil, Ukraine and Russia.
"Imports would remain elevated even in June as many states are easing lockdowns and allowing restaurants to reopen," said a Mumbai-based dealer with a global trading firm.
(Reporting by Rajendra Jadhav, editing by Louise Heavens)
