Pakistan's palm oil market remained mixed over the past week, with importers preferring to wait for world prices to ease before booking new orders, dealers said.
"There is very little buying interest and importers are apprehensive in placing new orders because of high world prices," said Akbar Puri, a palm oil importer in the southern port city of Karachi.
Dealers said local traders had more than 140,000 tonnes of unsold stock to meet domestic demand and had made forward deals securing their positions until April 2004.
Zia Ahmed, another dealer, said importers had booked a few orders for crude palm oil during the past few weeks.
"But importers have cut orders on the current trend, while good stocks are available in the local market," Ahmed added.
Traders said higher supplies of other edible oils and vegetable seeds had also slowed palm oil imports.
Traders said palm olein prices in the local market remained stable, quoted at 1,980 rupees per mound (37.32 kg) on Wednesday against 1,960 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.
Comments
Comments are closed.