Prices on vegetable oil supports the growth of demand from India
According to experts Oil World in 2018/19 India can import 15.42 million tonnes of vegetable oils that will be the highest of the last 5 seasons and will significantly exceed the level of previous MG – 14.6 million tons.
This increase in imports is due to the increase in purchases of palm oil from 8.69 million tonnes in 2017/18 MG to 9.44 million tonnes in 2018/19 MG because of decrease from January 1, import duties on malaysische crude palm oil 4%, and olein 10%.
it is Expected that in comparison with the previous season, the import of sunflower oil in 2018/19 MG will grow by 5% to 2.6 million tons.
the import of soybean oil may decline from 3.05 million tonnes in 2017/18 MG to 2.9 million tonnes in 2018/19 MG, what will be the minimum of the last 4 seasons.
the Increase in India's import of vegetable oils due to the increase in the volume of their consumption, which in 2018/19 MG will grow in the country by 500 thousand tons, while its own production by the end of this season will decrease by 200 thousand tons to 6.1 million tons.
palm oil Prices in Kuala Lumpur since the beginning of the year remain stable at the level 528 $/t
With oil from the beginning of year has risen by 15% and now Brent crude is trading at 61,5 $per barrel, which significantly supports the price of oil.
In Ukraine the prices for sunflower oil rose to 630-635 $/t FOB for shipments in January-February.