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CHINA MAY NEED TO RAISE PALM OIL IMPORTS - OIL WOR
calendar09-04-2002 | linkNULL | Share This Post:

HAMBURG, April 2 (Reuters) - China may need to raise palm oil exports inApril/June to prevent domestic edible oil supplies becoming too tightafter the introduction of new import restrictions, Oil World said onTuesday.China introduced import licences for genetically modified (GM) foodssuch as soybeans on March 20.Extra soybean imports were made before that date, but those shipmentswere relatively small and supplies were stored far away from major centressuch as Shanghai and southern coastal areas, the Hamburg-based newslettersaid."A pronounced tightness is looming in the Chinese market for May andJune unless sufficient import licences for soybeans and/or sufficientquotas for imports of palm oil or soybean oil are given," it said.It added: "Available supplies of oilseeds, oils and meals will be usedup more quickly than generally assumed...action by the government isneeded soon to prevent domestic supplies from becoming too tight in May,June and July."Palm oil could be the main beneficiary as the forthcoming squeeze inChina's domestic oil supplies may result in a pickup in Chinese palm oilimports in the April/June quarter."