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RTRS - EU palm oil imports head for record high-Oil World
Posted by Labels: Trader's highlightAMSTERDAM, March 5 (Reuters) - Palm oil imports to the European Union are heading for a record high this season, taking the slack from lower supplies of soyoil and sunflower oil, German-based analyst Oil World said.
Oil World said palm oil imports to the European Union could reach 6.4 million tonnes in the period from October 2012 until September 2013, compared to 5.83 million tonnes in the same period a year before.
"More palm oil is needed to offset lower consumption of soya oil and sun oil," Oil World said.
"Also recent low prices have generated considerably higher palm oil demand in the EU energy sector (for electricity generation as well as for biodiesel)"
It said most of the increase in palm oil imports was noticed in the Netherlands, Germany and Italy, while palm oil imports to Spain declined due to further falls in biodiesel production in the last quarter of 2012.
Palm oil prices have been pressured by high stock in Malaysia and Indonesia that account for nearly 90 percent of global production.
Crude palm oil prices for shipments cif Rotterdam fell to $875 a tonne in February from $1,125 a tonne in the same period a year ago.
"Palm oil stocks in Malaysia and Indonesia started to decline in January and obviously continued to decline in February, but are still sharply above a year ago," Oil World said.
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