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NEWS ADMIN

Mahamad Rodzi Abdul Ghani

DATE

20/03/2002

NEWS PROVIDER

Mahamad Rodzi Abdul Ghani

NEWS SOURCE

NULL

CATEGORY

HEADLINE

PAKISTAN OILS - IMPORTERS SHY ON LOW PRICES
KARACHI, March 19 (Reuters) - Pakistan's palm oil sector was mixed duringthe past week because of low domestic demand, and imports will remain slowin coming weeks due to a depressed international market, dealers said onTuesday."There is some buying, but mostly big players are waiting for theinternational market to take a clear direction," said animporter in the southern port city of Karachi.He said imports would pick up only when China started buying, whichwould also lift prices on the internationalmarket.The importer said traders had mostly secured positions throughmid-March and would only return if stocks fellsignificantly or international prices strengthened.China, the biggest palm oil importer, said last month it would import2.4 million tonnes of palm oil in 2002, one millionmore than in 2001.The market expects China to release licences for importers to buy palmoil later this month.Another trader said importers had booked good cargoes during the lastweek on expectations of an increase in palm oil exports by Malaysia, butreports suggested Malaysian data expected to be released on Wednesdaywould be below expectations."There was some intense buying in the second week (of March) whenprices were firm and importers booked big orders in anticipation offurther increases, but the downward trend in world prices and low exportfigures had brought the pressure back," he added.Dealers on Tuesday quoted palm oil in the local market at 1,460 rupeesper maund (37.32 kg).Pakistan annually imports about 1.3 million tonnes of edible oilproducts, led by palm oil, mostly from Malaysia, to meetdomestic demand of 1.9 million tonnes.($1 = 60.16 rupees)Indicative PRICES PER TONNE in Karachi for March shipment:Tuesday March 12RBD palm oil (FOB) $320/322 N/ASoyoil (FOB) $314/315 N/ALocal PRICES in rupees PER MAUND (37.32 kg):Tuesday March 12Palm oil (Karachi Port) 1,390 1,370Palm oil (Port Qasim) 1,390 1,370Soyoil (Karachi Port) 1,460 1,490Soyoil (Port Qasim) 1,460 1,490P.F.A.D. 0,970 1,030Rapeseed oil 1,500 1,500Cottonseed oil N/A 1,380Canolaseed oil 1,385 1,390Palm olein 1,355 1,350SHIPPING MOVEMENTS provided by Saulat Enterprises Ltd and AgroCommodities Ltd:commodities Tonnes ship Berthing/duePalm oil 15,000 Olympic 25/03Palm oil 8,000 Menado 27/03Palm oil 6,000 Delmun Tern 28/03Soy oil 5,000 W.S.Challenger 28/03Palm oil 15,000 Bunga Semarak dischargingPalm oil 10,000 Bhagia dischargingPalm oil 10,000 Mutiara anchorage