July 13, 2010

Indian soyoil imports to rise on festival demand

India may boost imports of soyoil from August to October to meet rising demand during festivals amid a drop in domestic inventories.

In the said period, purchases may jump as much as 24% to 2.6 million tonnes from 2.1 million tonnes a year earlier, Govindlal G. Patel, director of Dipak Enterprise, said a vegetable oils trader.

"Imports may exceed 500,000 tonnes on average each month through October, with soyoil purchases at about 200,000-250,000 tonnes," Patel said.

"Inventories of edible oils at ports have fallen 35% to about 550,000 tonnes at the end of June from about 845,000 tonnes in February, Patel said. Stocks of soy total 3.1 million tonnes and rapeseed 3.7 million tonnes," he added.