India's palm oil imports rise 87% mom in August 2022
India Infoline News Service |
14 Sep, 2022 |
India's palm oil imports in August month jumped 87% from a month ago to the highest level in 11 months as a sharp decline in prices prompted refiners to ramp up purchases, a leading trade firm said on Tuesday.
Higher palm oil purchases by the world's biggest vegetable oil importer could provide support to palm oil futures and help top producer- Indonesia in bringing down ballooning inventories.
India's palm oil imports in August climbed to 994,997 tonnes from 530,420 tonnes in July month, the Solvent Extractors' Association of India said in a statement.
Refiners were aggressively buying palm oil for August shipments as its discount over rival soyoil and sunflower oil widened above $300 per tonne in July month, said a Mumbai-based dealer with a global trading firm.
Palm oil imports attract 5.5% tax, while New Delhi has allowed duty-free imports of 2 million tonnes each of soyoil and sunflower oil for the current and next fiscal years.
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