Dec Palm Oil Imports at 9-mth Low as Buyers Prefer Soyoil

India's palm oil imports in December plunged to their lowest in nine months as a rally in prices to a 2-1/2-year high prompted refiners to increase purchases of substitute soyoil that was available at a discount, 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. soy-oil futures.

Palm oil imports plunged 40% in December from the previous month to 503,000 metric tonnes, the lowest since March 2023, according to estimates from dealers.