Indian buyers have opted to cancel 75,000 tonnes of palm oil purchases for the first time in many years and switch to rival soft oils, such as sunflower oil and soyoil, five industry officials told Reuters.
IndonesiaThis has prompted some Indian buyers to reduce purchases of palm oil for May shipments and increase soft oil imports. They can do this via mutual agreements with importers to cancel the sales - a process known locally as a "wash out".
A few buyers decided to opt for a wash out because of negative margins prevailing in the local market, said Sandeep Bajoria, chief executive of Sunvin Group, a vegetable oil brokerage and consultancy firm. "Big wash out is happening because of unusual price movement in palm oil. It has been rising even as other oils are falling in the past few months," said the Mumbai-based dealer.
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