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9 lakh tonnes of vegetable oil to be imported for festive needs |
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29/08/2008 |
| The Union government is reportedly planning to import 9 lakh tonnes of vegetable oil over two months to meet the surging festival demand.
Soyaoil would account for two lakh tonnes, while the rest would be made up of palm oil as buyers exploit palm oil’s discount of $ 200 per tonne, Mr Davish Jain, Chairman of the Central Organisation for Oil Industry and Trade (COOIT), explained here.
"Lately, the drop in prices has created a serious aberration in the market, but the upcoming festival season should see physical demand at its peak", Mr jain opined.
Buyers from China and India, the world’s biggest vegetable oil importers, have cancelled or renegotiated deals for around 8 lakh tonnes of palm oil recently because its prices slumped, dealers say.
Indian palm oil importers have asked Asian producers to defer up to 1 lakh tonnes of crude palm oil meant for August delivery to September and October.
India imports almost half of its annual consumption of about 11 million tonnes of vegetable oils, of which palm oil is imported from Malaysia and Indonesia and soyaoil from Brazil and Argentina. |
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