KUALA LUMPUR, April 9 (Reuters) - India, the world's largest edible oilimporter, has booked up to 200,000 tonnes of palm oil from Malaysia andIndonesia so far in April to replenish its dwindling stocks, traders andfreight brokers said on Tuesday. "I think bookings to India are within therange of 180,000-200,000 tonnes so far this month," said one freightbroker."I would say India will be buying 230,000-270,000 tonnes for the wholeof April," said the broker, adding that India normally purchases around200,000 tonnes of palm oil a month from Malaysia and Indonesia, theworld's largest producers. Some traders speculated that India's palm oilintake had been slow in March because it had thought China, another mainbuyer, would hold back new import licences which would depress prices.India bought 109,290 tonnes of palm oil from Malaysia in March, downfrom 112,740 tonnes in February.But Kuala Lumpur dealers trading with China said on Tuesday Beijing hadissued new import quotas last week which totalled two million tonnes, upfrom 300,000 tonnes it released in late March.China is set to import 2.4 million tonnes of palm oil in 2002 followingits entry to the World Trade Organisation (WTO).Some traders said India's palm oil imports could touch 300,000 tonnesin April because of the low stocks, seen far below the monthly 600,000tonnes, and uncertainties in Argentina's soy oil exports.Traders said Argentina's decision to increase export tax rates ongrains, oilseeds and sub-products to 20 percent from 10 percent willlikely lead to a reduction in soy output and exports.The government has forecast 2001/02 soy output at 28.7-29.5 milliontonnes.

MARKET EXPECTS GOOD EXPORTSSome traders said talks of fresh purchase by India and China raisedhopes that Malaysia's palm oil exports in April 1-10 would match or exceedthe 302,955 tonnes shipped in the first 10 days of March.Cargo surveyors SGS and ITS are scheduled to release their April 1-10exports data on Wednesday.Traders said Malaysia would be the main palm oil supplier to India andChina because of tight supplies in Indonesia and a recent strengthening ofthe Indonesian rupiahn."Close to 200,000 tonnes of crude palm oil and crude olein were sold toIndia on Friday, Saturday and Monday. I would say 65-75 percent of the oilcomes from Malaysia," said one trader."Players in China have received the new quotas. I am sure China's palm oilimports in April will match the number in March," he added.China purchased 211,945 tonnes of palm oil from Malaysia last month.Technical analysts and traders said the Malaysian crude palm oilfutures market was technically supported at current levels."If the market can hold (above) 1,161 ringgit in the next three tradingdays, chances for it to break 1,180 ringgit are high," said analystJennifer Ooi.She said some players were trying to push up prices due to anticipationof fresh purchases by China and India, but there were no signs yet themarket could stay above 1,200 ringgit, a level last seen on January 25.

(The informations and opinions expressed in this article represent theviews of the author only. They should not be seen as necessarilyreflecting the views of Palm News)