India's palm oil imports in December jumped 94% from a year earlier to a record high for the month as palm oil's higher discount to rival vegetable oils led refiners to raise purchases during the seasonally weak winter period, five dealers said.
Higher imports by India, the world's biggest palm oil buyer, would help top producers Indonesia and Malaysia cut their inventories and support benchmark palm oil prices , which are trading near their highest levels in five weeks.
"The price spread between palm oil and soyoil was much wider and day by day it is getting squeezed. But still the gap is quite high compared to normal market trend," said Rajesh Patel, managing partner at GGN Research. Palm oil's discounts to rival oils have now come down to around $300 per tonne, but still palm oil is the preferred choice of Indian buyers, said Sandeep Bajoria, chief executive of Sunvin Group, a vegetable oil brokerage and consultancy firm.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Lake Station woman killed in Interstate 94 crashNew Year’s weekend turned deadly on the roadways as a Lake Station woman was killed a half-hour into 2023, and an Arizona woman was treated for serious injuries.
Read more »
My AP top-25 WBB ballot: South Carolina, Stanford hold at top, but chaos hits the rest of the top 10Four teams in the top 10 lost to unranked opponents in the first big week of conference action
Read more »
Spanish manufacturing output down for 6th straight month in Dec -PMIFactory activity in Spain shrank for the sixth month in a row in December, albeit at a slower pace than the previous month as easing inflation and stronger business confidence provided hope for a stabler period ahead, a survey showed on Monday.
Read more »
Turkish factory activity contracts in Dec but shows improvement -PMITurkish factory activity contracted for the 10th month running in December but showed some signs of improvement from previous months as output and new orders fell more slowly, a survey showed on Monday.
Read more »
$62M crypto stolen in Dec was the ‘lowest monthly figure’ in 2022: CertiKHackers and exploiters of cryptocurrency protocols had the quietest month of 2022 in December according to blockchain security firm CertiK, which said December saw the “lowest monthly figure” for the year in terms of the amount of crypto stolen.
Read more »