HAMBURG, Jan 22 (Reuters) - Global
edible oil importers are likely to increase purchases of low-priced palm oil in
coming months, turning away from soyoil and other more expensive seed-based
oils, Hamburg-based oilseeds analysts Oil World said on Tuesday.
“Palm oil has clearly improved its
price-competitiveness for food as well as for non-food applications,” Oil World
said. “This is good news for consumers worldwide who will become increasingly
dependent on palm oil in the months ahead as a result of insufficient supplies
of seed oils."
Malaysian refined, bleached and
deodorised (RBD) palm oil is currently around $300 a tonne cheaper than
Argentine fob soyoil export prices, Oil World said.
“We expect sizable increases in palm
oil imports and consumption in India, China, the European Union and several
other countries,” it said.
Ample global stocks have been
weakening palm oil prices since September, Oil World said.
Global soyoil production is likely
to stagnate at the year-ago level in Jan./Mar. 2013 as processing of South America’s
new soybean crop is likely to start only gradually, it said.
