India veg oil refiners cut purchases, expect conflict-driven rally to fade

Indian vegetable oil refineries are reducing purchases of palm oil, soyoil, and sunflower oil, anticipating that the price rally driven by the Iran conflict will not persist. This decrease in buying could limit price increases in Malaysian palm oil and US soyoil while supporting local prices and oilseed growers. Imports are expected to drop to about 1.1 million tons in March, with palm oil shipments decreasing. Industry officials suggest there is no need for panic buying due to ample global stocks, and the sentiment remains cautious as buyers await further developments.