India's Palm Oil imports seen up 8% in February
Commodity Online | March 14 2018
UPDATED 10:28:11 IST

Metals extend gains; oil prices trend higher despite increase in inventories

Metals rally as risk aversion takes hold; oil prices steady ahead of inventories report

Saudi Arabia Eyes Total Dominance In Oil And Gas

Wild Volatility Continues As US Markets Attempt To Establish New Trend

LME issues discussion paper on development of electronic options market

India's Palm Oil imports probably advanced in February as rising demand before the summer season outweighed higher prices.

The country Imported around 795,000 metric tons of palm Oil in February, rose 8% from a year earlier, according to latest survey by Bloomberg.

Total vegetable oil purchases decreased 5.4% to 1.2 million tons. The Solvent Extractors’ Association of India is likely to release monthly trade numbers this week.

Palm has fallen 5.7% this month after India increased import duties. Still, prices in India are about $25-$30 a ton lower than imports, prompting some buyers to delay shipments for about 15 days, industry sources said.

Soybean oil purchases declined about 23% to 193,500 tons in February, the survey showed. India buys Soybean oil mainly from the U.S., Brazil and Argentina. Sunflower oil imports fell around 7.4% to 194,000 tons. Canola oil imports were seen at 19,000 tons.