17/03/2010 (Daily Times, Pakistan) Islamabad - Pakistan’s palm oil imports are seen down in March, as ample stocks will likely limit incoming shipments to around 118,000 tonnes, a top industry official said on Tuesday.

Malaysia shipped 68,450 tonnes of palm oil products to Pakistan between March 1-15, the Malaysian cargo surveyor Societe Generale de Surveillance said, and the official said Pakistan expected another 40,000-50,000 tonnes for March shipment.

“Buying in March remained slow because of the carryover stock mainly from the overbuying in January to the tune of 200,000 tonnes,” said Pakistan Edible Oil Refiners Association Vice-Chairman Rasheed Janmohammad, a leading organisation of palm oil refiners.

“But coverage for April at the moment is zero. They (traders) haven’t covered a single tonne so far for the next month which I am expecting to be 125,000 tonnes.” Traders echoed Janmohammad’s view saying they expect buying in April.

Palm oil prices in the international market are coming down, said Janmohammad, who expected the prices to stabilise this week after which Pakistani traders would start purchases for April. reuters