Palm oil imports may drop on rupee fall

MUMBAI: Palm oil imports by India, the world’s largest consumer, probably fell for the second month in August as a record plunge in the nation’s currency prompted buyers to defer purchases. Futures in Malaysia declined.

Inbound shipments of crude palm oil and refined, bleached and deodorized palmolein fell 29% to 500,000 metric tonne last month from a year earlier, according to the median of estimates from five processors and brokers compiled by Bloomberg.

The Solvent Extractors’ Association of India will release data this week. Total vegetable oil imports fell 18% to 740,000 tonne, the survey showed.

The rupee tumbled 8.1% in August on concern that a deepening economic slowdown will deter investors at a time when the US prepares to pare stimulus, boosting import costs of everything from cooking oils to crude and gold.