Palm losing ground in India to soya bean, sunflower and canola oils

Mumbai

INDIA, the world's largest importer of cooking oils, will buy more soya bean and sunflower oil this year than ever before as a global glut weakens prices and prompts buyers to switch from palm oil.

Purchases of soya bean, sunflower and canola oils will probably jump 15 per cent to 4.2 million tonnes in the year that began on Nov 1, said Govindlal Patel, managing partner at GG Patel & Nikhil Research Co. They will account for 33 per cent of shipments and palm oil will represent 67 per cent, the smallest share in eight years, he said.