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By Rajendra Jadhav MUMBAI (Reuters) - The rebound in palm oil prices is likely to be capped by abundant supplies of rival soyoil and sunflower oil, ...

The rebound in palm oil prices is likely to be capped by abundant supplies of rival soy oil and sunflower oil.

The rebound in palm oil prices is likely to be capped by abundant supplies of rival soyoil and sunflower oil, "soft" oils that are available at discounts to tropical palm oil for the first time in more than a year. Benchmark Malaysian palm oil futures have risen nearly 5% in 2024 after losing 11% last year. Soft oils production is rising while palm oil production is falling, driving divergent price trends, said Vipin Gupta, chief executive officer of Dubai-based trader Glentech Group.

India's palm oil imports surged 22% in November, reaching 867,000 metric tons, the highest in three months. The increase is attributed to steep discounts compared to soyoil and sunflower oil, prompting refiners to switch to palm oil. The move could help lower palm oil stocks in top producers Indonesia and Malaysia.

India's palm oil imports in November jumped more than a fifth from the previous month as refiners favoured the tropical oil due to steep discounts compared with rival soyoil and sunflower oil, five... -December 04, 2023 at 02:22 am EST - MarketScreener