KARACHI, Aug 6: Pakistan’s palm oil market was mixed in the past week as importers stayed away due to low domestic demand, dealers said on Tuesday.

They added that importers were reluctant to book fresh cargoes because of high international prices and volatility in the Malaysian palm oil market.

“The prices in Malaysia are moving both ways on a daily basis...only a stable world market will encourage imports,” said Pervez Aminuddin, a palm oil importer in Karachi.

He said the slowdown in imports had depleted stocks, but buyers wanted international prices to settle before booking fresh orders.

“Routine imports are there but the market lacks aggressive buying,” he added.

Malaysian palm oil on Tuesday closed to end little changed as the market struggled to find a footing against rival soyaoil.

Aminuddin said importers have booked around 60,000-65,000 tons of palm olein and palm oil for August to build their stocks and cargoes will reach Karachi in mid-August.

—Reuters