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.