Palm oil imports by world No. 1 buyer seen tumbling

A slump in purchases by India may put further pressure on benchmark palm oil prices, which have tumbled about 35% this year.

NEW DELHI: Palm oil purchases by India will probably plummet to the lowest level in nine years as the closing of restaurants and hotels to contain the spread of coronavirus cut demand for the most-consumed vegetable oil.

Imports by the world’s biggest buyer may drop about 21% from a year earlier to 7.4 million tonnes in the year that began in November, said G.G. Patel, managing partner of GGN Research.