960413

Vegoil Review

Malaysian palmoil

prices close easier

RECORDER REPORT

KARACHI: Despite buying by Pakistan and India, Malaysian palm oil prices closed easier on the weekend with near-term outlook remaining uncertain. Players liquidated their positions ahead of PORLA crop data for March 1996 to be released on Monday.

Earlier, bearish crop data by Ivan Wong also depressed the market. Wong estimated March output to rise by 43 percent over February to 610,000 metric tons against trade estimates of 35 to 40 percent. End-March stocks were estimated at 680,000 metric tons as against 723910 metric tones at end-February.

The fall in output also reflected a technical correction as prices had gone up rather too much in the recent days.

Fresh falls on the Chicago Soyaoil futures also weighed on palm oil prices.

On Thursday, Trading Corporation of Pakistan (TCP) bought 6000 metric tons palm oil for shipment in the second half of April at $ 561.40 per metric ton.

State Trading Corporation of India (STC) has bought 4000 metric ton palm olein for shipment in first half of May at $ 597.00 per metric ton.

Morocco bought 12,000 metric tons vegetable oil at $ 576.50 to $ 577.50 per metric ton C&F for delivery late April early May.

At close of the market, April palm oil was offered at $ 535 per metric ton FOB Malaysia while May+June was offered at $ 530. April palm olein was offered at $ 565 per metric ton FOB Malaysia and May+June at US$560.

TENDERS

Egypt's State Food Industries Company wants to buy 10 to 15,000 metric ton vegetable oil and 10-15,000 metric ton palm olein for 1st half July shipment. Vegetable oil could be either sunflower oil, semi refines cottonseed oil, US cottonseed oil of 162 degrees or degummed soya oil. Palm olein should be of Malaysian//Indonesian origin. The deadline for submission of offers is April 24.

INDICATIVE C&F KARACHI LEVELS (US$)

SHIPMENT SBO RBD PO

April 595 560

LOCAL MARKET:

RBD Palm Oil Rs 1115-1120 per maund

Soyabean Oil Rs. 1105-1110 per maund

LOCAL STOCK POSITION (APPROX)

RBD palm oil/olein 90,000 MT

Soyabean/sunflower oil 12,000 MT

Cottonseed oil 10,000 MT

VEGOIL VESSELS POSITION

Discharging : 'Strength' at OP-1 (oil pier No. 1).

Off port : No vessel at present

Highseas : 'Mykop' (SBO)

Under Loading/Nominated: 'Courage'+'Bunga Kesumba'+'Santa Anna'+'Strength'