April 14, 2009
India traders briskly buying soyoil for delivery by June
Importers in India have purchased 60,000-70,000 tonnes of crude soyoil so far this month for shipment between mid-April and end-May, at US$780/tonne and above, cost and freight, a senior trading executive said Monday (April 13). More such deals are expected every for the rest of the month.
"Buyers in India are actively purchasing soy oil to ensure that they receive the cargoes by June," said Srinivaas Sirigeri, managing director of Shakti Enterprises, a Mumbai-based importer.
He said importers will continue to lock in soy oil purchases for the rest of April but most will be looking at shipments not beyond May so that they can take delivery by June.
Sirigeri also said importers don't want to be caught in a situation where deliveries happen after the federal government re-imposes the import duty on crude vegetable oils.
Traders are speculating the duty may be re-imposed after the upcoming federal elections, during the next annual budget, likely to unveiled by July.
