India increased vegetable oil imports to a 4-month high in November

India boosted its imports of vegetable oils to a four-month high in November as refiners actively replenished stocks after strong demand for sweet and fried foods during the Dussehra and Diwali holidays in October and November, Reuters reported.

 

Thus, compared to October, the import of vegetable oils increased by 12% to 1.6 million tons, in particular, sunflower oil - by 43% to 341 thousand tons, soybean oil - by 20% to 410 thousand tons, while palm oil supplies increased only by 0.5% up to 850 thousand tons.

 

Brokers at Sunvin Group believe that this year's holiday season has been very successful, so refiners will be able to buy more oil to replenish stocks. The Solvent Manufacturers Association of India will release its November import data in mid-December.

 

February palm oil futures on Bursa rose 2.44% to 5,076 ringgit/t or $1,135/t yesterday on the back of brisk shipments to India and deteriorating weather conditions in Malaysia.

 

January soybean oil futures in Chicago rose 1.4% to $927/t yesterday (-1.1% for the week), but remain under pressure from uncertainty with the new US Administration's policy on biofuel support programs.

 

In Ukraine, the export demand prices for sunflower oil in the Black Sea ports fell by $30-50/t last week and remain at the level of $1100-1120/t, but the volume of offers is very low, so we have to wait for the recovery of demand from India.