(Bloomberg) by Swansy Afonso – Palm oil imports by India, the world’s largest buyer, increased in April to the highest level this year after prices tumbled to a seven-month low. Inbound shipments of crude and refined palm oil rose 7.5 percent to 718,091 metric tons from March, the Solvent Extractors’ Association of India said in an e-mailed statement. That compares with the median estimate of 700,000 tons in a Bloomberg survey. Total vegetable oil imports, including for industrial use, rose 4.4 percent to 1.1 million tons, it said. Prices in Kuala Lumpur fell in April to the lowest since September as record soybean supplies and lower crude oil costs weakened demand for the commodity used in everything from noodles to biofuel. Palm may slump to a six-year low in the second half as supplies expand and reserves accumulate, according to Dorab Mistry, director at Godrej International Ltd. “Imports will continue to grow in the coming months as the domestic winter oilseed crop was lower and as palm producing countries push their higher output into India,” Chowda Reddy, associate vice president at Inditrade Derivatives & Commodities Ltd., said by phone from Hyderabad on Thursday. Futures slumped to 2,070 ringgit ($572) a ton … continue reading
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Source: CTRM Center