Palm oil accounts for nearly two-thirds of India’s total edible oil imports. India buys more than 9 million tonnes of palm oil annually, mainly from Indonesia and Malaysia. In the first nine months of 2019 India was the biggest buyer of Malaysian palm oil, taking 3.9 million tonnes, according to data compiled by the Malaysian Palm Oil Board. The news prompted Malaysian palm oil futures to snap five days of gains to end lower on Friday evening. “Indonesia is eager to sell more and more palm oil to India,” the refiner said, adding that India could also increase imports of soyoil from Argentina and sunflower oil from Ukraine to offset any drop in Malaysian palm oil shipments.

Source: Hindustan Times October 11, 2019 23:02 UTC