India’s Palm Oil imports probably climbed for a fourth straight month in May as a drop in global prices boosted demand amid a stronger local currency.
Imports rose 21% to 798,000 metric tons from a year earlier, according to the latest survey by Bloomberg.
Total vegetable oil purchases rose about 29% to 1.32 million tons, the survey showed. The Solvent Extractors’ Association of India is set to release trade data in the middle of the month.
India’s Soybean oil imports probably increased 91% to 340,000 tons in May, the survey showed. India buys Soybean Oil from the U.S., Brazil and Argentina. Sunflower oil purchases rose 3% to 155,000 tons. Canola Oil purchases are seen at 29,000 tons.