Palm oil imports to drop to 5-year low in Jan due to losses: Report

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Palm oil imports to drop to 5-year low in Jan due to losses: Report - Business Standard

Quick Summary:

Two vegetable oil brokers and a shipping company that compiles data on vessels lined up to unload at ports estimated that imports could range between 340,000 tons and 370,000 tons.

Crude palm oil (CPO) is now being offered in India at about $1,155 a ton, including cost, insurance and freight (CIF) for January delivery, while February and March shipments were offered at $1,140 and $1,100, dealers said.

Refiners are incurring losses of more than $30 a ton in palm oil refining for January shipments, and the oil is available at even lower prices for February and March shipments, said Rajesh Patel, managing partner at GGN Research, an edible oil trader.