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Diwali Food Binge Seen Driving Up Palm Oil Imports by Top Buyer

Nov. 5, 2020, 9:00 PM

Palm oil purchases by India, the largest importer, probably climbed to a three-month high in October as traders built up stockpiles before the Hindu festival of lights when consumption of fried food increases.

Inbound shipments likely rose to 779,000 tons from 643,994 tons in September, which were the smallest since June, as traders and refiners boosted purchases to meet rising demand, according to G.G. Patel, managing partner of GGN Research. That compares with 778,568 tons imported in October 2019.

Palm oil, used in everything from cooking oil to shampoo, had the biggest monthly gain since August last month amid higher ...

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