India palm oil import fall 8% in November after the surge in October. Palm oil import share to rise in 2020-21 | India palm oil import YoY 1

India palm oil imports fell 8% to 618,468 tons in November from the same time last year reaching the lowest in 5 months—Solvent Extractors Association data showed. Imports fell in November after a sharp surge in the previous month as buyers ramped up inbound shipment to meet Diwali seasonal festival usage when consumption of the cooking oil typically rises. Lower imports and higher usage in November depressed edible oil stocks by 26.65% lower as of beginning of December to a year ago. Edible oil stocks been in deficit in India for 19 straight months now and is likely to extend the deficit for the next 6 to 8 months as palm prices remain elevated at least to the middle of February and the spread to soybean oil remain volatile. Meanwhile imports of soybean oil rose 52% from last year November but sunflower oil dipped 18.70% on demand rationing after the price of the soft oil jumped to a 7 year high on FOB Ukraine to US$1150/ton basis due to tight supply.

India palm oil imports are seen rebounding in 2020-21 oil year to…

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