India’s palm oil imports in April slumped 30% from a month earlier to hit a 14-month low, as the premium over rival soft oils prompted buyers to shift to sunflower oil and soyoil, a trade body said on Friday.
The big drop in palm oil imports by India, the world’s biggest importer of vegetable oils, could weigh on palm oil prices FCPOc3, which are trading near a seven-month low.
It will also likely make it difficult for top producer Indonesia to increase exports after easing restrictions imposed on the shipments earlier this year, traders said.
Source: Hellenic Shipping News
