India's July palm oil imports may surge to 10-month high

MUMBAI, July 6 (Reuters): India's palm oil imports in July are set to jump to the highest in 10 months because of a hefty correction in prices and as Indonesia allows more exports of the tropical oil, four dealers told Reuters.
Higher purchases by India, the world's biggest importer of vegetable oils, may add support for Malaysian palm oil prices, which are trading near a one-year low.
India's palm oil imports in July may rise to 700,000 to 800,000 tonnes, the highest since September 2021, the dealers said.
"Palm oil has become very attractive for Indian buyers after the recent fall in prices," said one of the dealers, Sandeep Bajoria, the chief executive of vegetable oil brokerage and consultancy Sunvin Group.
Indian buyers contracted to purchase nearly 250,000 tonnes of palm oil for prompt shipment last week, but this week's drop in prices has confused many buyers, said another dealers, based in New Delhi.