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India’s Palm Oil Imports surged by 11.6% in May compared to the previous month, reaching the highest level in four months, driven by its competitive pricing relative to rival oils. The increased palm oil purchases by India, the world’s largest importer of vegetable oils, could bolster benchmark Malaysian palm oil futures.

Crude palm oil’s imports were offered at about $951 a metric ton, including cost, insurance and freight, in India last month, while soyoil and sunflower oil are offered around $1,000 and $987 a ton, respectively. As palm oil’s discount widens further, it becomes even more attractive for Indian buyers. In June, India could buy more than 750,000 tons of palm oil, while soyoil imports could fall below 300,000 tons due to a significant price increase. India buys palm oil mainly from Indonesia, Malaysia and Thailand, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine.

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