India‘s palm oil imports in November jumped more than a fifth from the previous month as refiners favoured the tropical oil due to steep discounts compared with rival soyoil and sunflower oil, five dealers told Reuters on Monday.
Higher purchases by the world’s biggest importer of vegetable oils could help lower palm oil stocks in top producers Indonesia and Malaysia and support benchmark futures.
India’s November palm oil imports jumped 22% from a month earlier to 867,000 metric tons, the highest in three months, estimates from dealers showed.
The discount on palm oil to soyoil and sunflower oil has been widening over the past few weeks, encouraging refiners to switch to palm oil, said Sandeep Bajoria, CEO of Sunvin Group, a vegetable oil brokerage.
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Higher palm oil imports lifted India’s total…
