ISLAMABAD (July 11 2003) : The Pakistani palm oil market was slow in thelast week and importers were reluctant to place fresh orders given highinternational prices and higher stocks locally, dealers said on Wednesday.
"There is some buying interest in the market but importers are hesitant toplace fresh orders because of high international prices," said PervezAminuddin, a palm oil dealer in the southern port city of Karachi.
Aminuddin said imports were likely to remain slow in the coming weeks asmost traders had covered stock positions and ample stocks were availablein the market.
"The importers want international prices to settle before booking freshorders."
Another dealer said importers had booked around 60,000-65,000 tonnes ofpalm olein and palm oil for July and cargoes will reach Karachi mid-month.
He said local traders had more than 70,000 tonnes of unsold stock to meetdomestic demand in the short term, and the market over the coming dayslooked mixed.
"They will only place fresh orders when prices settle at a lower levels,and I don't see much activity in the coming weeks," he added.
Pakistan imports about 1.3 million tonnes of edible oil products annually,led by palm oil, mostly from Malaysia, to meet domestic demand of 1.9million tonnes.-Reuters