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Pakistan's palm oil market stable, importers
seen active
KARACHI (April 08 2004): Pakistan's palm oil
market was stable on Wednesday against the
previous week as importers placed buying orders
for the month ahead, and dealers said the market
had room for more imports.
"The imports and prices both are likely to rise in
coming days as the domestic market is following a
rising world market," said Zia Ahmed, a dealer in
Karachi.
Dealers said importers were placing orders for May
shipments and a bullish Malaysian crude palm oil
futures market also stabilised local prices.
Traders had around 70,000 tonnes of unsold stock
to meet domestic demand and had made forward deals
securing their positions until the end of April.
Dealers said the Pakistani market was likely to
see some good buying in coming weeks because
traders were also building stocks in anticipation
of an increase in world prices.
"Imports have also risen because cotton seed oil
supplies have almost come to an end," said another
Karachi-based dealer.
Pakistan produced 400,000 tonnes of cotton seed
from its current cotton crop. Millers in Punjab
province blend cotton seed with other vegetable
oils for local consumption.
Traders said palm oil was quoted at 1,980 rupees
per mound (37.32 kg) on Wednesday against 1,970
rupees a week ago.
Pakistan imports about 1.3 million tonnes of
edible oil products annually, led by palm oil,
mostly from Malaysia, to help meet domestic demand
of 1.9 million tonnes.
Courtesy Business Recorder |
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Pakissan.com; Advisory Point
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