HAMBURG, Dec 11 (Reuters) - Global
palm oil prices are likely to rise in early 2013 because of high export demand
stimulated by current competitive palm prices compared to soyoil, rapeseed oil
and other edible oils, Hamburg-based analysts Oil World said on Tuesday.
“We expect palm oil prices to
appreciate in the next three months owing to the pick up in export demand,
seasonally declining production and the resulting reduction in stocks,” Oil
World said.
“Consumers will take advantage of
the unusually high current price discounts of palm oil and lauric (palm
derivative and coconut) oils in both the food and non-food sectors.”
Crude palm oil for January 2013
delivery was quoted at $770 a tonne cif in Rotterdam and Hamburg on Monday, far
below January soyoil at 918 euros a tonne ($1,190) and rapeseed oil for
February delivery at 920 euros a tonne ($1,192 ) both fob European mills.
Indonesia and Malaysia are the
world’s main palm oil exporters. Soyoil prices are currently high because of
poor soybean harvests in South America and the U.S. this year.
“Some countries - for example China
and Pakistan - are likely to reduce imports of rapeseed and canola for domestic
crushings and instead import larger quantities of competitively-priced palm
oil,” Oil World said.
