950812

AHSAN*NINTH

Indonesia's likely

ban on palm oil

export causes

price hike

LAHORE: The Indonesian announcement that it may impose ban on the export of its palm oil, has caused a rise in the prices of the commodity in international market, said a spokesman of Malaysian Palm Oil Promotion Council (MPOPC) here on Saturday.

He said that the withdrawal of Indonesia, the second biggest producer of Palm Oil after Malaysia, would have an impact on the sentiment of the market.

Referring to the Soyabean crop failure incident of 1993, he said that the news of the Soyabean collapse, caused bullish trends in the market.

He said that prices are strongly influenced by stock positions. "When stocks are low, prices are normally up, and the converse is also true", the MPOPC spokesman said.

Palm oil is now sold to more than 90 countries in the world. "The palm share which accounted for about 35 percent in the international edible oil market, is poised to capture an even bigger share in the future", he added.-APP