India's Palm Oil Imports Hit 14-Year Low as Rival Oils Gain

India's palm oil imports in January plunged to their lowest level in nearly 14 years as refiners replaced the tropical oil with cheaper rival soyoil because of negative refining margins for palm oil, five dealers said.

- Reuters

MUMBAI:

Lower palm oil imports by India, the world's biggest buyer of vegetable oils, could weigh on benchmark Malaysian palm oil prices, but support U.S. soyoil futures.

Palm oil imports plunged 46% in January from the previous month to 272,000 metric tonnes, the lowest since March 2011, according to estimates from dealers.