India experienced a significant surge in sunflower oil imports during March, reaching the second-highest level on record. Lower prices prompted refiners to increase their purchases of sunflower oil, while reducing their buying of palm oil.
This shift in imports could impact the benchmark Malaysian palm oil futures market, which is currently trading near its yearly highs. The rise in sunflower oil purchases is expected to help reduce sunflower oil inventories in the Black Sea region.
India’s Sunflower Oil Imports Surge, Palm Oil Retreats: March Insights