Consumption of palm oil in China and India still strong

Palm oil averaged 3,513 ringgit (US$1,054) a tonne in Q2, 44% higher than the year-earlier quarter.

Consumption of palm oil in China, the world's largest palm oil buyer, was still growing at about 19% a year, Golden Agri's Chairman and CEO Widjaja said, matching the rate reported by the Beijing-based Customs General Administration for the first 6 months.

India, the 2nd-biggest buyer of vegetable oils, imported 3.09 m tonnes of edible oils, including palm oil in the 8 months ended Jun, according to the Solvent Extractors' Association. That's 13% more than a year earlier.