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.