KARACHI (May 21 2003) : Pakistan's palm oil market has been bullish in thelast week due to local demand and dealers said on Tuesday the market hadroom for further imports.
"There are reports that exports in Malaysia are up and that could lead toan increase in world prices," said Prevez Aminuddin, a palm oil importerin the port city of Karachi.
"The (Pakistani) importers will definitely secure their positions beforeany further hike in prices," he added.
Malaysian cargo surveyor Societe Generale de Surveillance said on Tuesdaythat the palm oil exports for May 1-20 stood at 669,111 tonnes, up from624,262 tonnes for April 1-20.
Aminuddin said steady buying by India, the world's largest edible oilimporter, had prompted local players to take strong forward positions.
"The market is in a bullish mood and importers are placing orders to coverpositions on the back of Indian buying," he said.
Another palm oil dealer said orders for 30,000 to 35,000 tonnes of palmolein had been booked during the past week, while stocks of over 70,000tonnes of palm oil and olein were available in the market.
"There's still good demand in the market and we expect some good importsin coming weeks," he said.