KARACHI, July 22: Pakistan’s palm oil market was sluggish in the past week as importers said their positions for the month were already covered and they wanted world prices to settle down before placing new orders.

“Imports are slow and importers will go for fresh orders once the (international) prices settle down,” said a palm oil dealer in Karachi.

Importers in Pakistan said weak palm oil futures in the Malaysian market and rising production there in coming weeks had depressed world prices.

Traders said the market currently had up to 60,000 tons of unsold stock to meet local demand in the short-term.

Another importer said there was no clear direction for the market at present and it could take two to three weeks before the uncertainty would be over.—Reuters