March 17, 2009 3:00 GMT+8China’s imports of palm oil, the world’s biggest, surged in February from a year ago after traders took advantage of a widening discount to rival soyabean oil to boost purchases.
Imports of palm oil gained 54 per cent to 410,000 metric tonnes last month as shipments of soyabean oil fell 89 per cent to 40,000 tonnes, the Beijing-based Customs office said yesterday. Imports of soyabeans added 61 per cent to 3.3 million tonnes.
Palm oil competes with the more expensive soyabean oil for use in foods and cooking in China, the world’s third-largest economy. Palm oil became more competitive compared with its main rival as the discount widened after a drop in crude oil, said Gao Yingbin, an analyst at China Cereals and Oils Business Net.
The sharp rise in palm oil imports “will exert great pressure on the domestic vegetable oil market,” Gao said by phone from Beijing. “If Malaysian futures don’t hold steady, people who bought these shipments will incur losses.”
The commodity for May delivery traded at RM1,969 a tonne at 11:11am in Beijing.
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