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Pakistani vegetable oil buyers cautious on
falling world prices
KARACHI (April 22
2004): Pakistani vegetable oil importers will wait
for stability in palm oil prices in Malaysia
before booking more import orders for surging
domestic demand, traders said on Wednesday.
"Since the Malaysian market is under pressure,
Pakistani traders will like to see some stability
before they book fresh orders," said Pervez
Aminuddin, a dealer at the port city of Karachi.
He said a report by Malaysian crop forecast agency
PALMIS Management Sdn Bhd, saying palm oil
production was estimated to rise nine percent in
March from February, could prompt bearish
sentiment in Kuala Lumpur.
"This report could hold some of the major
importers for some days as they will want to see
if the higher production estimates result in a
fall in prices," he added.
Malaysia's palm oil output in April is estimated
at 1,020,000-1,025,000 tonnes, up nine percent
from the official figure of 940,211 tonnes in
March, according to data compiled by Malaysia's
independent market analyst Ivan Wong.
It has put end-April stocks at 925,000-930,000
tonnes, compared with the official figure of
953,007 tonnes at end-March.
Traders estimate that Pakistan had more than
100,000 tonnes of unsold stocks, while another
30,000 tonnes were due to arrive in the last week
of April.
A dealer said the other factor that would resist
rising imports of palm oil in weeks ahead was the
expectation of around 200,000 tonnes of domestic
rapeseed oil and canola oil production.
"Supplies of rapeseed and canola oil have
increased in recent weeks and their high supplies
are keeping vegetable oil imports down for the
past few weeks," he added.
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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