Indian traders are in the process of contracting deals for the import of 50,000 tonnes of soy oil and 50,000 tonnes of palm oil with reports of shipment delays of sun oil, following Russia’s invasion of Ukraine, according to industry people.
“Traders are not rushing in too much because they believe the situation with Russia and Ukraine may ease within the next 15 days. Stabilization, local operations of seed plants, and transportation should begin soon. India is wanting the oil but is waiting to see how the situation develops in the next 15 days. At present, traders are contracting soy oil from, USA and Brazil, and palm oil from Malaysia. Prices have gone up since supplies are hampered. On the first day of the invasion, prices had gone up by $100 per tonne but yesterday when it became clear that NATO will not send troops, prices came down by $ 75 per tonne.
Source- Financial Express