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Mahamad Rodzi Abdul Ghani




Mahamad Rodzi Abdul Ghani





KARACHI, March 5 (Reuters) - Pakistan's palm oil market saw little buyinginterest during the past week on thin demand, but dealers said on Tuesdaydwindling cottonseed supplies and expected Chinese buying would boostimports in coming weeks.They said weak international prices and overbought positions held bybig importers were responsible for the thin buying interest, but mostmtraders were waiting for the international market to take a cleardirection."A little buying interest has emerged in the last week but importersare still cautious," said Saulat Khan, a dealer in the southern port cityof Karachi.The domestic oil production season has ended with the close of thecotton harvest -- cottonseed oil is used to blend with other vegoils."Domestic oil production has come to an end and because summer,traditionally a high consumption season, is fast approaching, vegoilimports will rise," Khan said.Pakistan has produced 350,000 tonnes of cottonseed from its 2001/02cotton crop.Another palm oil trader said importers were waiting for the expectedfirming up of the international market when China starts buying sometimenext week."Chinese buying, expected in second week of March, will increase theprices by $15 to $20 per tonne," he added.China, the biggest palm oil importer, said last month it would import2.4 million tonnes of palm oil in 2002, one million tonnes more than in2001.Importers normally hold back orders when prices are low as higherrates bring bigger margins and better profits.Dealers on Tuesday quoted palm oil in the local market at 1,365 rupeesper maund (37.32 kg), up five rupees from the previous week's 1,360 rupeesper maund.Pakistan annually imports about 1.3 million tonnes of edible oilproducts, led by palm oil, mostly from Malaysia, to meet a domestic demandof 1.9 million tonnes.($1 = 60.16 rupees)

Indicative PRICES PER TONNE in Karachi for March shipment:Tuesday Feb 26RBD palm oil (FOB) $316/317 $315/316Soyoil (FOB) $315/318 $315/318Local PRICES in rupees PER MAUND (37.32 kg):Tuesday Feb 26Palm oil (Karachi Port) 1,365 1,360Palm oil (Port Qasim) 1,365 1,360Soyoil (Karachi Port) 1,480 1,500Soyoil (Port Qasim) 1,480 1,500P.F.A.D. 1,050 1,080Rapeseed oil 1,600 1,700Canolaseed oil 1,390 1,410Palm olein 1,355 1,345

SHIPPING MOVEMENTS provided by Saulat Enterprises Ltd and AgroCommodities Ltd:commodities Tonnes ship Berthing/duePalm oil 6.000 Thressa 01/03Palm oil 5,500 Bunga Melawis 03/03Tallow 8,000 Botany Treasure 05/03Soyabean oil 5,000 Maykop 08/03Palm oil 9,000 Menado dischargingPalm oil 6,000 Chemstar Prin dischargingPalm oil 15,000 Bunga Semarak 13/03