Latest news with #palmoil
Bloomberg
5 days ago
- Business
- Bloomberg
Palm Oil Jumps Above 4,000 Ringgit Mark to Track Soy Oil, Crude
Palm oil jumped above the 4,000 ringgit mark to track gains in soyoil, which surged on Washington's proposal to allow refiners to blend a record amount of biofuels into gasoline and diesel next year. The long-awaited plan that was unveiled by the Environmental Protection Agency on Friday aims to boost American biofuel production and deter imports. It would require refiners to mix arecord 24.02 billion gallons of biofuels into conventional diesel and gasoline. That's nearly 8% higher than the 2025 target and was more-than-expected by many analysts.
Reuters
12-06-2025
- Business
- Reuters
India's May palm oil imports surge 84% m/m to hit six-month high
MUMBAI, June 12 (Reuters) - India's palm oil imports jumped to a six-month high in May, driven by low inventories and the tropical oil's price discount to rival soyoil and sunflower oil, which prompted refiners to boost purchases, an industry body said on Thursday. Higher imports of palm and soyoil by India, the world's biggest buyer of vegetable oils, could support Malaysian palm oil prices and U.S. soyoil futures . Palm oil imports rose 84% in May from April to stand at 592,888 metric tons, the highest since November 2024, the Solvent Extractors' Association of India (SEA) said. India imported an average of more than 750,000 tons of palm oil each month during the marketing year that ended in October 2024, the SEA said. Imports of soyoil increased 10.4% to 398,585 tons, the highest since January, and sunflower oil imports rose 1.9% to 183,555 tons, it added. Higher imports of palm oil and soyoil lifted India's total vegetable oil imports in May by 33% from a month before to 1.19 million tons, the highest since December, it said. Below-average imports from January to April reduced domestic vegetable oil stocks to 1.33 million tons by June 1, the lowest since July 2020, according to SEA data. Palm oil imports are likely to increase further in June and could rise to about 850,000 tons, as the oil is trading at a discount to soyoil, said Rajesh Patel, managing partner at GGN Research, an edible oil trader. Soyoil imports in June will hold steady around 400,000 tons, Patel said. India buys palm oil mainly from Indonesia and Malaysia, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine. Vegetable oil imports are expected to pick up in the coming months as this month's duty cut will help boost demand, said a New Delhi-based trader. India halved the basic import tax on crude edible oils to 10% in a bid to reduce food prices and help the domestic refining industry.
Yahoo
12-06-2025
- Business
- Yahoo
India's May palm oil imports surge 84% m/m to hit six-month high
By Rajendra Jadhav and Anmol Choubey MUMBAI (Reuters) -India's palm oil imports jumped to a six-month high in May, driven by low inventories and the tropical oil's price discount to rival soyoil and sunflower oil, which prompted refiners to boost purchases, an industry body said on Thursday. Higher imports of palm and soyoil by India, the world's biggest buyer of vegetable oils, could support Malaysian palm oil prices and U.S. soyoil futures. Palm oil imports rose 84% in May from April to stand at 592,888 metric tons, the highest since November 2024, the Solvent Extractors' Association of India (SEA) said. India imported an average of more than 750,000 tons of palm oil each month during the marketing year that ended in October 2024, the SEA said. Imports of soyoil increased 10.4% to 398,585 tons, the highest since January, and sunflower oil imports rose 1.9% to 183,555 tons, it added. Higher imports of palm oil and soyoil lifted India's total vegetable oil imports in May by 33% from a month before to 1.19 million tons, the highest since December, it said. Below-average imports from January to April reduced domestic vegetable oil stocks to 1.33 million tons by June 1, the lowest since July 2020, according to SEA data. Palm oil imports are likely to increase further in June and could rise to about 850,000 tons, as the oil is trading at a discount to soyoil, said Rajesh Patel, managing partner at GGN Research, an edible oil trader. Soyoil imports in June will hold steady around 400,000 tons, Patel said. India buys palm oil mainly from Indonesia and Malaysia, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine. Vegetable oil imports are expected to pick up in the coming months as this month's duty cut will help boost demand, said a New Delhi-based trader. India halved the basic import tax on crude edible oils to 10% in a bid to reduce food prices and help the domestic refining industry. Fehler beim Abrufen der Daten Melden Sie sich an, um Ihr Portfolio aufzurufen. Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten
Reuters
10-06-2025
- Business
- Reuters
India, China seen aggressively buying palm oil in short term, industry expert says
JAKARTA, June 10 (Reuters) - Demand for palm oil from India and China is expected to increase in coming months as recent price corrections provide attractive entry points for the big buyers, an industry expert said on Tuesday. Prices of palm oil in Malaysia gained nearly 20% last year, but shed around 12% so far this year as the high prices led to palm oil losing some competitive edge to rival oils such as soyoil. "We feel in the short term, those markets will come back. We see heavy buying from India, China," Julian McGill, managing director of advisory firm Glenauk Economics, said. "We're not worried for the next year about a build up in stocks," he told participants at a palm oil forum in Jakarta. He noted Indian buyers, who have been cutting palm oil imports since December, are coming back strongly with purchase for June to August as prices of palmolein are at a discount compared to rival oils. He said China's physical palm oil importers were also actively buying for June to August deliveries. "The Chinese buyers may stock up quite a lot because their stocks are relatively low," McGill said. The demand would help keep palm oil prices between 3,900 ringgit and 4,200 ringgit per metric ton in the coming six months, he said. The main palm oil contract in Malaysian bourse closed at 3,864 ringgit per ton on Tuesday. The sustainability of the demand would continue to depend on palm price competitiveness against other oils, with peak export volumes seen around August, McGill added.
Bloomberg
03-06-2025
- Business
- Bloomberg
Palm Oil Jumps on Demand Prospects After India Cuts Import Duty
Palm oil climbed to the highest level in almost three weeks on expectations for higher demand after top buyer India cut import duties. Futures in Kuala Lumpur rose as much as 2.6% after India announced on Friday a reduction to levies on edible oils including palm and sunflower in an effort to lower retail prices. The market was closed on Monday for a holiday.
