India’s May palm oil imports reach 4-month high
Five traders told Reuters that as a result of the recent price adjustment, purchases of palm oil in India increased by 12.4% in May compared to the previous month, reaching their highest level in four months.
The benchmark Malaysian palm oil futures, which dropped to their lowest point in over three months in May, may be supported by increased palm oil imports by India, the largest vegetable oil importer in the world.
Dealer estimates show that palm oil imports surged to 769,000 metric tons in May, the most since January.