India's MMTC buys 30,000 T RBD palmolein at $1,187/T-sources

NEW DELHI, April 24 Tue Apr 24, 2012 9:49am EDT

NEW DELHI, April 24 (Reuters) - India's MMTC Ltd has bought 30,000 tonnes of RBD palmolein at $1,187 per tonne, two trade sources said on Tuesday, a tad lower than the last known price paid by the state-run trading company.

The price includes cost, insurance and freight. While cargoes of 18,000 tonnes would be delivered on India's east coast, the rest would be delivered on the west coast, the sources said. The deliveries would be completed by the first week of May.

The company regularly buys cooking oils on behalf of state governments for subsidised sale.

MMTC had issued import tenders seeking these quantities earlier this month.

While the southern Indian state of Andhra Pradesh would take the east coast deliveries, Gujarat, in western India, will claim the remainder.

Last month, MMTC bought 12,000 tonnes of refined, bleached and deodorised (RBD) palmolein at $1,189 per tonne for delivery by April 5 on the east coast.

India, the world's top vegetable oil importer, buys mainly palm oils from Malaysia and Indonesia, and a small quantity of soyoil from Brazil and Argentina. (Reporting by Ratnajyoti Dutta; editing by Malini Menon)

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