SunSirs: India's Palm Oil Imports Decrease, Soybean Oil Demand Increases

The Indian Refining Association (SEA) stated that India's palm oil imports in September were 829,017 tons, a decrease of 16.3% month on month, the lowest level since May, as refining companies shifted towards lower priced soybean oil.

India's palm oil imports in September decreased by 16.3% month on month, reaching the lowest level since May, indicating a shift in demand from refining companies towards soybean oil, leading to weak demand for palm oil. This will put pressure on spot prices, and it is expected that prices will experience a downward trend in the short term. A rating of -1.5 reflects general bearish sentiment, as the sharp drop in import volume highlights weakened demand, but global supply side changes need to be monitored.

Refining companies have shifted their focus to soybean oil due to higher palm oil prices, driving up demand for soybean oil and benefiting spot prices. Combined with the recent market trend of soybean oil futures (such as the closing price of the main contract 2601 at 8256 RMB/ton, up+8), the increase in demand supports the upward trend of prices, which has a positive impact on the futures market. A rating of +1.5 indicates significant positive news, as demand shifts and futures data are both bullish.

If you have any enquiries or purchasing needs, please feel free to contact SunSirs with support@sunsirs.com.