Palm Oil Prices Seen Near Bottom by Oil World on Demand
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Palm oil prices that have tumbled to the lowest since 2009 may be near a bottom in part because demand is increasing from importers in Europe, Oil World said.
Palm oil imports by the European Union rose to a record 3.37 million metric tons in the first half, about 3 percent higher than the same time in 2013, the Hamburg-based researcher said in an e-mailed report. While increasing EU demand didn’t make up for an 11 percent drop in the first half in imports by India, Pakistan and China, lower stockpiles especially in India mean trade volumes may soon rebound, according to the report.