Palm oil imports by India, the largest buyer, may climb to a record this year as rising incomes stoke demand for cookies and potato chips, potentially stemming a decline in prices from a more than nine-month low, reported Bloomberg.
Purchases may jump as much as 10 percent to about 7 million metric tons in the year ending Oct. 31 from 6.38 million tons a year earlier, according to five processors and analysts in a Bloomberg News survey. The highest-ever palm oil imports previously were 6.43 million tons in 2008-09 season, data from the Solvent Extractors' Association of India showed.
Rising Indian imports may help palm oil futures limit losses after slumping 26 percent from a 35-month high of 3,967 ringgit ($1,320) a ton reached on Feb. 10 as output expands in Indonesia and Malaysia, the biggest producers. A rebound in prices may also boost earnings at producers including Sime Darby Bhd. (SIME) and Indonesia's PT Astra Agro Lestari and raise costs for users including Nestle SA and Unilever.
RT @GrownWithLove: If the #taste alone doesn't convince you, some great reasons to switch to #sweetpotatoes #SweetPotatoLove http://t.co/9C…
#Potatolovers, Keep calm and recommend #potatoes! #Potatobusiness http://t.co/89RPHelmL3