India’s imports of palm oil are forecast to slide for the first time in four years in the 2013-14 season on rising prices and as a record domestic rapeseed harvest boosts vegetable-oil supplies, Oil World wrote.
Sugar and cooking oil prices will extend a rally as dry weather from South America to Asia parches crops, said Doug King, Chief Investment Officer of the $145 million Merchant Commodity Fund. Palm oil advanced to the highest level since September 2012.
Palm oil advanced to the highest level in almost 18 months after production in Malaysia dropped to the lowest since April 2012, depleting stockpiles in the world’s second biggest supplier to an eight-month low.
Palm oil stockpiles in Malaysia declined in February by the most in five years as production in the biggest supplier after Indonesia slumped to the lowest level since April 2012. Futures climbed to an 18-month high.
Palm oil climbed to the highest level since September 2012 on concern that a prolonged dry spell in Malaysia and Indonesia, the biggest growers, may reduce supplies of the world’s most-used cooking oil.
Palm oil advanced to a 17-month high on speculation that stockpiles in Malaysia, the world’s biggest supplier after Indonesia, probably tumbled last month to the lowest level since September as production declined.
Palm oil stockpiles in Malaysia, the world’s biggest grower after Indonesia, probably tumbled last month to the lowest level since September as production declined to a one-year low, a Bloomberg survey showed. Futures climbed to the highest level since 2012.