11/04/2010 (Bloomberg) - India may overtake China as the world’s top importer of vegetable oil, and growth in the two nations’ consumption will drive global demand for palm and soybean oil, according to Cofco Ltd., China’s biggest grain trader.

Colder temperatures in China may curb the country’s consumption of the tropical palm oil this year, Deng Ruihong, deputy general manager of research at the state-owned company, said in slides to be delivered tomorrow in Beijing. Palm oil is harder to transport in colder climates.

Prices of crude oil at about $80 per barrel also support prices of vegetable oil, Deng said in his presentation, to be given at a conference organized by China Cereals and Oils Business Net. The information was handed to delegates before the conference.