Monday, 11 August 2014

China Palm Oil Stock 1 Million Tonnes...

Kuok said China has a palm oil inventory of about 1 million tonnes, which is expected to decline as the trade normalises.

Kuok Khoon Hong, Wilmar's chairman and chief executive officer, said on Friday he estimates that more than half of China's palm oil imports were for financing purposes.

China, the world's No.2 buyer of the vegetable oil, imported 2.9 million tonnes of palm oil in the first half of 2014, nearly flat from a year earlier, official trade data showed. Palm oil imports grew 8 percent on the year for the first half of 2013.

"Oil prices will be depressed for a year or two, and it's not a good time to buy (palm oil plantations) right now," said Kuok.

Source: Reuters -