Some Indian importers are seeking to postpone palm oil shipments from June to July as large domestic vegetable oil stocks are pressuring prices, Hamburg-based oilseeds analysts Oil World said on Tuesday.
“This has raised some concern among exporters of palm oil about possible defaults,” Oil World said. “Indian importers fear they will suffer losses because they have purchased large volumes significantly above current market prices.”
Vegetable oil stocks at major Indian ports were unusually large in late June at 700,000 to 800,000 tonnes, putting Indian prices under pressure, it said. Indian stocks rose partly because the country’s importers made heavy soyoil purchases after the government cut import duties in March.
“The fact the Indian importers have purchased more palm oil and soyoil than is justified by immediate domestic requirements is due to expectations that the new Indian government may have to reintroduce import duties on vegetable oils in coming months,” it said.
Heavy imports may reduce the incomes of Indian farmers and lower the country’s oilseed and vegetable oil output, it said.
A slowdown in Indian vegetable oil imports in July/Sept 2009 could reduce the country’s burdensome edible oil stocks but palm oil stocks in exporter Malaysia could then rise, it said.
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