Reuters
India's palm oil imports in July fell 10% from a month ago, as refiners ramped up purchases of rival soyoil to take advantage of New Delhi's move to allow duty-free imports of the vegetable oil to calm all-time high prices, a trade body said on Friday. Higher soyoil purchases by the world's biggest edible oil importer will support U.S. soyoil prices, but will dent rival palm oil's share in Indian buying and force Malaysian and Indonesian sellers to offer discounts to regain the market share, traders said. India's palm oil imports in July fell to 530,420 tonnes from 590,921 tonnes a month earlier, the Solvent Extractors' Association of India (SEA) said in a statement.