RTRS - Top analysts call the palm oil markets for 2013 (DORAB MISTRY)
Posted by Labels: Trader's highlightKUALA LUMPUR, March 6 (Reuters) - Following are estimates on palm oil prices and other edible oil markets from leading analysts at the Bursa Malaysia conference that ends on Wednesday.
DORAB MISTRY, DIRECTOR, GODREJ INTERNATIONAL
INDIA
- Says India is going to harvest record rapeseed crop and a big wheat crop.
- Says both Malaysian and Indonesian exporters have been chanelling crude palm oil and palm olein into India, which has meant that prices of locally produced oils have fallen steadily. India is carrying record stocks of imported oils as well as record stocks of domestic oilseeds.
- Estimates current Indian stocks of all oils –- imported as well as domestic -- at almost 2 million tonnes, up 80 percent from March last year.
- "India's imports of edible and non-edible oils during the oil year November 2012 to October 2013 will also break all records."
- Says India to import 8.55 million tonnes of palm oil in the oil year of November 2012 to October 2013.
- "The recent statement in the Economic Survey of India released on Feb. 26 clearly states the intention of the Indian government to support prices of domestic oilseeds and oils, using the instrument of import duties."
- Expects the Indian government to revise the import duty on unrefined oil to 10 percent and on refined oil to 17.5 percent in April or latest May.
- Expects that by August to September, the import duty on unrefined oil will be further hiked to 20 percent and on refined oil to 27.5 percent.
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