Friday, August 6, 2010

India Ups Palm Oil Buys As Discount To Soyoil Widens

(6 Aug 2010) KUALA LUMPUR (Dow Jones)--India, the second-largest vegetable oils consumer after China, may purchase more palm oil in the next two months than soyoil, as palm oil''s discount has widened, a Mumbai-based trading executive said Friday.

India is seeking between 550,000 and 600,000 metric tons of palm products, including crude palm oil and refined products, this month as the price gap with rival soyoil from Argentina has widened to $100/ton on delivered basis from $40/ton-$50/ton in the last two months, Govindlal G. Patel, director at Mumbai-based vegetable oils importer Dipak Enterprise, said by phone.

India imported 421,462 tons of CPO in June, while refined, bleached and deodorized palm olein imports stood at 42,282 tons, according to data fromthe Solvent Extractors'' Association of India.

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