KARACHI (July 02 2003) : Pakistani palm oil importers were likely toremain sidelined in July due to ample stocks in the local market and morethan 50,000 tonnes of supplies in transit, traders said on Tuesday.

"The imports are likely to slow down further in July as there aresufficient stocks," said Pervez Aminuddin, a dealer in the southern portcity of Karachi.

Importers also hope that international prices would slip further on higherproduction in Malaysia and Indonesia, he said.

"There are already 70,000 tonnes of edible oil stocks, while more than50,000 tonnes are on the high seas."

Zia-ul Haq, another dealer, said major importers had already booked ordersuntil December and were not likely go for any fresh buying this month.

Local dealers on Tuesday quoted palm oil on the local market at 1,685rupees per maund (37.32 kg), down 30 rupees from the previous week.

Pakistan imports about 1.3 million tonnes of edible oil products annually,led by palm oil, mostly from Malaysia, to meet domestic demand of 1.9million tonnes.-Reuters