KARACHI, Jan 15: Local palm oil prices edged lower over the past week on thin demand and will remain depressed in the coming weeks because of a weak international market, dealers said on Tuesday.

They added that local traders, having booked good stocks in December and the first week of January, would only place fresh orders once prices began to firm.

“Palm oil prices are weak on the international market...buying will only start when the prices show some stability,” said Pervez Aminuddin, a dealer.

Aminuddin said reports of increases in stocks and low exports from Malaysia had sidelined importers, who had believed traditional drops in Malaysian palm oil output in January and February would strengthen prices.

He added that depressed international palm oil demand had weakened prices by $20 per ton during the last week.

Cargo surveyor SGS said on Tuesday Malaysian palm oil exports for January 1-15 stood at 418,476 tons compared with 495,415 tons in December 1-15. It said Pakistani traders had bought 64,300 tons.—Reuters