India’s palm oil imports in May surged to a six-month high, as lower inventories and the tropical oil’s discount to rival soy oil and sunflower oil prompted refiners to increase purchases, according to five dealers. Higher palm oil and soy oil imports by India, the world’s biggest buyer of vegetable oils, could support Malaysian palm oil prices and U.S. soy oil futures. Palm oil imports in May surged 87% month-on-month to 600,000 metric tons, the highest since November 2024, according to estimates from dealers. India imported an average of more than 750,000 tons of palm oil each month during the marketing year that ended in October 2024, said the Solvent Extractors’ Association of India, which is set to publish its May import data by mid-June.
