Indian refiners cancel palm oil orders due to price surge
Indian refiners have cancelled orders for 100,000 metric tons of crude palm oil (CPO) scheduled for delivery between March and June, because of a surge in benchmark Malaysian prices and negative refining margins in India, four trade sources said.
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Refiners in the world's largest importer of palm oil cancelled the quantity over the last four days, including 30,000 tons on Friday, after Malaysian palm oil futures rose more than 11% over four weeks.
The Indian cancellations could limit the rally in Malaysian palm oil prices, although they could also support soyoil prices as some refiners shift to soyoil.
The trade sources spoke on condition of anonymity because they were not authorised to speak to the press.
One Indian buyer, who operates a refinery on the east coast and cancelled palm oil shipments for March delivery, said the combination of negative refining margins in India and high overseas prices meant it made sense to lock in profits by selling palm oil back to suppliers, rather than importing it.
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