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RTRS - Palm prices to rise soon on strong export demand- Oil World
Posted by Labels: Trader's highlightHAMBURG, Dec 11 (Reuters) - Global palm oil prices are likely to rise in early 2013 because of high export demand stimulated by current competitive palm prices compared to soyoil, rapeseed oil and other edible oils, Hamburg-based analysts Oil World said on Tuesday.
“We expect palm oil prices to appreciate in the next three months owing to the pick up in export demand, seasonally declining production and the resulting reduction in stocks,” Oil World said.
“Consumers will take advantage of the unusually high current price discounts of palm oil and lauric (palm derivative and coconut) oils in both the food and non-food sectors.”
Crude palm oil for January 2013 delivery was quoted at $770 a tonne cif in Rotterdam and Hamburg on Monday, far below January soyoil at 918 euros a tonne ($1,190) and rapeseed oil for February delivery at 920 euros a tonne ($1,192 ) both fob European mills.
Indonesia and Malaysia are the world’s main palm oil exporters. Soyoil prices are currently high because of poor soybean harvests in South America and the U.S. this year.
“Some countries - for example China and Pakistan - are likely to reduce imports of rapeseed and canola for domestic crushings and instead import larger quantities of competitively-priced palm oil,” Oil World said.
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