RTRS - Global importers to buy more cheap palm oil in 2013- Oil World
Posted by Labels: Trader's highlightHAMBURG, Jan 22 (Reuters) - Global edible oil importers are likely to increase purchases of low-priced palm oil in coming months, turning away from soyoil and other more expensive seed-based oils, Hamburg-based oilseeds analysts Oil World said on Tuesday.
“Palm oil has clearly improved its price-competitiveness for food as well as for non-food applications,” Oil World said. “This is good news for consumers worldwide who will become increasingly dependent on palm oil in the months ahead as a result of insufficient supplies of seed oils."
Malaysian refined, bleached and deodorised (RBD) palm oil is currently around $300 a tonne cheaper than Argentine fob soyoil export prices, Oil World said.
“We expect sizable increases in palm oil imports and consumption in India, China, the European Union and several other countries,” it said.
Ample global stocks have been weakening palm oil prices since September, Oil World said.
Global soyoil production is likely to stagnate at the year-ago level in Jan./Mar. 2013 as processing of South America’s new soybean crop is likely to start only gradually, it said.
0 comments:
Posting Komentar