Rising demand for the cooking oil before Ramadan, which starts in June this year, may cut inventories in Malaysia and Indonesia, the biggest suppliers. That may bolster prices in Kuala Lumpur, which have dropped 11 percent from an 18-month high in March. Communal meals during Ramadan typically boost consumption. Stockpiles in India dropped this month to the lowest level since 2011, according to the association. “Imports have gone up because of Ramadan demand and as stockpiles were low,” Faiyaz Hudani, an associate vice president at Kotak Commodity Services Ltd., a broker in Mumbai, said by phone after the release of the April data. “May to July is the peak-import season.” Futures traded at 2,600 ringgit ($807) a ton on the Bursa Malaysia Derivatives by 3:49 p.m. local time. Prices reached 2,916 ringgit on March 11, the highest since September 2012.
Posted on: Thu, 15 May 2014 09:30:10 +0000
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