India resumes purchases of Malaysian palm oil as relations improve: Report

India resumes purchases of Malaysian palm oil as relations improve: Report

Indian buyers have resumed purchases of Malaysian palm oil after a four-month

UP policy for failing industries aims to improve ease of doing business
Improve infra to become part of global supply chains: IMF’s Ranil Salgado
Nationalising BT could not enhance Britain’s broadband




Indian buyers have resumed purchases of Malaysian after a four-month gap following a diplomatic row, with buying spurred by a fall in domestic inventories and discounted prices, trade sources said.


The renewed purchases come amid improving trade relations between the two countries after the formation of a new government in Kuala Lumpur, with signing a deal last week to buy a record 100,000 tonnes of Indian rice.



Leading Indian importers last week contracted up to 200,000 tonnes of crude from Malaysia, the world’s No.2 producer after Indonesia, to be shipped in June and July, the sources told Reuters.


“Port stocks have dropped sharply in India because of lower imports,” said a Singapore-based trader who sells Malaysian and Indonesian


Ship-tracking data compiled by Refinitiv showed that India’s total for the first four months of 2020 FELL by more than 50% from the same period in 2019 to 1.11 million tonnes.


A restart to buying by India, the…



Click here for the full story.

COMMENTS

WORDPRESS: 0
DISQUS: