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Pakistan's palm oil prices dip on low demand,
imports slow
KARACHI (April 15 2004): Pakistan's palm oil
prices slipped in the past week on low demand from
consumers and dealers said on Wednesday they
expect few import orders next month given
sufficient stocks in the country.
They estimated that Pakistan had more than 100,000
tonnes of unsold stocks, while another 80,000
tonnes were due to arrive in April.
"We expect that import orders during May will
remain low," Akbar Puri, a leading importer said.
Dealers said local prices dropped in recent days
because of a lack of domestic demand.
"It is a seasonal drop in demand as people,
especially in the rural areas, do not go for oily
food during hot weather," Puri said.
"Supplies of locally produced rapeseed and
Sunflower oils have increased in recent weeks,
further putting pressure on imported oils."
Pakistan also 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 1,955 rupees
per mound (37.32 kg) on Wednesday against 1,980
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.
The DAWN
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Pakissan.com; Advisory Point
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