Palmoil prices stagnant

Palmoil prices stagnant

KUALA LUMPUR (Reuter): Palmoil prices in Malaysia are expected
to track a tight range this week, hemmed in by uncertainty about
the immediate price direction, dealers said.

They said the anticipated absence of key palmoil buyers India
and Pakistan is acting as a price dampener but underlying
sentiment is steady due to lower-than-expected stock data from
the Palm Oil Registration and Licensing Authority (PORLA).

"We are doubtful of active palmoil buying from the Chinese in
near-term after last week's news of a glut in China," one trader
said.

Last week, China's State Statistical Bureau said the country
has a glut of edible oils due to a record domestic harvest and
high imports.

"We have been noticing a slowdown in Chinese buying recently.
With this glut news we are quite sure future demand from China
will be slow," the Malaysian trader said.