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Indonesia has witnessed highest exports of palm oil in July this year at 1.8mn metric tonnes after India boosted purchases
The shipments rose 0.6 per cent from June 2014, according to the median of estimates from five plantation and industry executives compiled by Bloomberg.
Benchmark futures of palm oil in Kuala Lumpur retreated to a five-year low in August amid forecasts of record US production of soybeans, which can be used as alternative oil in biofuel. This price drop in palm oil spurred the Indian buyers to increase purchases.
Imports by the world’s largest buyer rose 14 per cent in July from a year ago, the Solvent Extractors Association of India said.
Joelianto, trading director at Sinar Mas Agro Resources and Technology in Jakarta, said, “A decline in prices raised expectations that demand will improve.”
The Indonesian Palm Oil Association is expected to release the export figures for July soon, sources said.
Shipments of other oils also climbed, with crude soybean oil imports rising 30 per cent to a record 306,068 tonnes and sunflower oil shipments surging 80 per cent to 111,936 tonnes.
Exports from Indonesia was the highest since December 2013, when they were 2.02mn tonnes. The country accounted for 48 per cent of global exports last year, according to data from the US department of agriculture.