Global palm oil demand is likely to continue rising in May because of its competitive price compared to rival vegetable oils including soyaoil, Hamburg-based oilseeds analysts Oil World said on Tuesday. "World palm oil import demand started to pick up in April and is likely to expand in May," Oil World said. "This will be reflected in higher exports from Malaysia and Indonesia."
Fob palm oil prices for May shipment in leading exporter Indonesia are $30-$50 a tonne cheaper than fob soyaoil export prices in Brazil and Argentina, Oil World data showed. "Palm oil has improved its price competitiveness relative to soyaoil and other vegetable oils," it said. "We expect larger purchases from China, India, the Middle East, Europe and several other countries as consumers have started to switch to more attractively-priced palm oil."