MUMBAI: Vegetable oil imports by India, the world’s biggest buyer after China, may climb to a record as the weakest rain in five years threatens to damage oilseed crops and worsen a shortage of the commodity, a processors’ group said.
Increased imports by the South Asian country may sustain a 45% rally in global palm oil prices this year. The nation relies on overseas purchases to meet more than half its cooking oil needs, with palm oil accounting for 80% of the total.
Increased imports by the South Asian country may sustain a 45% rally in global palm oil prices this year. The nation relies on overseas purchases to meet more than half its cooking oil needs, with palm oil accounting for 80% of the total.
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