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KARACHI, March 26: The local palm oil market was dull during the past week owing to thin demand, and weakening international edible oil prices will keep buyers sidelined in the coming weeks, dealers said on Tuesday.
Traders said local market stocks were sufficient to meet at least two weeks’ demand.
“At least 35,000 tons of palm oil are on the high seas, while another 30,000 tons are at Karachi port,” one trader said.
He said importers would take fresh positions before April, when they expected international prices to firm up on Chinese buying.
Dealers on Tuesday quoted palm oil at Rs1,360/Rs1,365 per maund (37.32 kg).—Reuters
