June: Palm Oil Imports Up 3%, Sunflower Oil Soars, Soybean Oil Drops

Palm Oil (CPO)

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In June, palm oil imports increased by 3% compared to May, reaching 7.88 lakh tonnes (LT). This rise in palm oil imports is primarily due to its lower prices in international markets relative to soybean oil and sunflower oil. Crude palm oil is offered at $985 per metric tonne (MT) CIF, while soybean oil and sunflower oil are priced at $1065 and $1050 per tonne, respectively. The higher imports of palm oil are expected to support BMD palm oil futures. Additionally, India's sunflower oil imports surged by 14% in June, amounting to 4.67 LT, according to market estimates. Conversely, soybean oil imports to India fell by 16%, totaling 2.73 LT.