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Pakistan vegetable oil prices stable, imports
slow
KARACHI (April 29
2004): Pakistan vegetable oil market saw little
buying interest so far this week with domestic
demand thin and well-stocked importers reluctant
to make fresh orders, dealers said on Wednesday.
"Local prices are at a stable level and most of
the big players are in overbought positions as
they have made forward deals," said Akbar Puri, a
palm oil importer in the southern port city of
Karachi.
"There is some spot buying but very few cargoes
are scheduled for May shipment.
Dealers said the market would follow a
mixed-to-bearish trend and that local traders had
around 120,000 tonnes of unsold stocks to meet
domestic demand until end-May.
They said expectations of increase domestic
rapeseed oil and canola oil production had also
dampened importers appetite for now.
"Importers have stocks of olein, while the market
also has sufficient stocks of (locally produced)
rapeseed oil," another Karachi-based dealer said.
"Millers are mostly using rapeseed and canola.
Their demand for palm oil will pick-up in June".
Traders said palm olein was quoted at 1,935 rupees
per maund (37.32 kg) on Wednesday unchanged from
the previous week.
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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