India's palm oil imports in December jumped 94% from a year earlier to a record high for the month as palm oil's higher discount to rival vegetable oils led refiners to raise purchases during the seasonally weak winter period, five dealers said.
Higher imports by India, the world's biggest palm oil buyer, would help top producers Indonesia and Malaysia cut their inventories and support benchmark palm oil prices , which are trading near their highest levels in five weeks.
"The price spread between palm oil and soyoil was much wider and day by day it is getting squeezed. But still the gap is quite high compared to normal market trend," said Rajesh Patel, managing partner at GGN Research. Palm oil's discounts to rival oils have now come down to around $300 per tonne, but still palm oil is the preferred choice of Indian buyers, said Sandeep Bajoria, chief executive of Sunvin Group, a vegetable oil brokerage and consultancy firm.
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