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News 26701 to News 26710 of about 27389 news within page 2671
26701. 27/03/2002
25 March 2002 (Business Times)A RECENT move by the US to increase tariffs on steel imports has been seenas the main reason behind China’s delay in purchasing Malaysia’s palm oil.Traders said China is possibly retaliating against the US’ increase bydelaying its purchase of soyabean, which unfortunately drags down othercommodities such as rapeseed, sunflower as well as palm oil.The US is a major producer of soyabean oil and has interests in otherproducing countries such as Argentina and Brazil.“The delay could be a form of a trade reprisal to the US carried out byChina to halt soyabean imports which unfortunately also affects palm oil,”a trader told Business Times in Kuala Lumpur yesterday.President George W. Bush announced on March 6 a tariff increase of up to30 per cent on most steel imports entering the US for three years which isalso subjected to quotas.Steel producing countries around the world and even the US press reactedfuriously to the US protectionist measures with some of them threateninglawsuits and trade reprisals.The European Union and China are two of the world’s major steel producersand are in the midst of lodging a formal protest to the World TradeOrganisation (WTO).China, Malaysia’s third biggest palm oil buyer last year at 1.28 milliontonnes, has set a 2.4 million tonne quota of the commodity this year undera WTO committment.The republic was widely speculated to have entered the market in Januaryin order to meet the WTO ruling, a move that has been delayed to this day.The quota is open to all palm oil producers which include Malaysia’s rivalIndonesia. China previously announced its palm oil quota twice a year withthe first 700,000 tonnes tranche in March and the second 700,000 tranchein June.In 2000, the quota was 1.5 million tonnes, of which it bought 800,135tonnes of Malaysia’s palm oil. Last year, the republic imposed a quota of1.4 million tonnes of which it bought 1.28 million tonnes. The quota hasbeen raised to 2.4 million tonnes since its full-fledged formal entry intothe WTO last December 12 to become its 143rd member.China’s State Development and Planning Commission (SDPC) also announced apalm oil quota for 2003, 2004 and 2005 which stands at 2.6 million tonnes,2.7 million tonnes and 2.88 million respectively.SDPC also announced the quota for soyabean which stands at 2.518 milliontonnes for 2002, and 2.5 million tonnes, 2.85 million tonnes and 3.26million tonnes for 2003, 2004 and 2005 respectively. While rapeseed quotafor 2002 through 2005 stands at 770,000 tonnes, 880,000 tonnes, 996,000tonnes and 1.13 million tonnes respectively.It is understood that as a backlash to the US steel curbs, SDPC’sdistribution of licences to Chinese importers who wish to import thecommodities has been delayed. Chinese importers must first obtain approvalfrom SDPC before it can import the commodities.“It is already approaching end-March and China has yet to name theimporters let alone enter the market,” said the trader.“No one is really sure what is going on but I suspect it has something todo with China taking a swipe back at the US on the steel issue,” he said.The trader added that since it is already approaching April, China isunlikely to import 2.4 million tonnes of palm oil by year-end.“We estimate that only 70 per cent or 1.68 million tonnes of both Malaysia’s and Indonesia’s palm oil will be bought by the republic,” he said.He added that for China to meet the 2.4 million tonnes quota, a monthlyshipment of 200,000 tonnes must be made to the republic until December.“But in January and February, only 44,848 tonnes and 89,411 tonnesrespectively were shipped from Malaysia, a far cry from the targetted200,000 tonnes per month,” said the trader.He added that it is also a mystery how shipments can still be made toChina when SDPC has yet to announce the importers.Malaysia is the world’s largest producer of palm oil. Malaysia produced11.803 million tonnes last year of which 10.593 million tonnes wereexported to 140 countries.
26702. 22/03/2002
WARSAW, March 21 (Bernama) - A special promotion for Malaysian palm oil isto be held in Poland as the two countries agreed Thursday to enhance tradeties.
26703. 22/03/2002
KUALA LUMPUR, March 20 (Bernama) -- The price of palm oil, which has beentrading upwards since November 2001, is projected to strengthen further toRM1,250 per tonne in 2002 on rising demand and tight global supply, BankNegara Malaysia (BNM) said in its 2001 Annual Report Wednesday.
26704. 20/03/2002
SINGAPORE, March 19 (Reuters) - China is set for a decline in soybeanimports this year, with almost no one so far successful in obtainingtemporary permits required for shipping bio-engineered oilseeds, traderssaid on Tuesday.More than a week after Beijing's announcement of temporary measures anda day before China's rules on genetically modified organisms (GMOs) comeinto effect, they said, nobody seemed to have acquired papers necessaryfor resuming soy imports.Doubts are growing among Asian traders whether the Chinese governmentis willing to open up its door for foreign soybeans in the near future.They are waiting to see what China's Ministry of Agriculture (MOA) sayat a seminar in Beijing on March 27 and 28 to explain how to fill in formsto apply for safety certificates."This afternoon we are going to MOA and apply (for the temporary safetycertificate)," said a trader in Shanghai at a major international tradinghouse. "Maybe they have to use up the 30 days (before issuing thecertificate)."Another trader based in Singapore said: "Nobody has gottenanything...We have applied...What I've heard is that all applications wererejected."Apart from rumours that a major crusher had bought two cargoes of SouthAmerican beans since Washington and Beijing hammered out a compromise onGMO regulations early this month, they have heard of no new deals.
26705. 20/03/2002
CHICAGO, March 19 (Reuters) - Not long ago industry experts predictedthat the waving, shouting, colorfully-dressed traders in the Chicagoexchange pits would soon go the way of the dinosaur, replaced by thesilence of electronic trade.But a funny thing happened on the way to extinction -- trading volumein the pits actually went up last year.On the surface, it seems that happy days are here again in Chicago.Volume on the Chicago Mercantile Exchange, the largest U.S. futuresmarket, surged 78 percent last year.At the venerable Chicago Board of Trade, the world's oldest futuresexchange, volume jumped 11.5 percent in 2001 due to more active financialfutures and options contracts.Both exchanges showed profit last year as higher volume boosted incomefrom trading fees. The exchanges managed their robust performances eventhough electronic trading accounted for just a fifth of the volume of bothexchanges in 2001.But look beyond the increased volume and the situation in Chicago ismore troubling. Electronic trading is growing rapidly internationally, andthose who use the computerized markets like the low cost and efficiencythey bring.Change advocates continue to call for a faster pace of automation,although the strong performance of the last year has emboldened thetraditional traders who call orders in the trading pits.The conflict is leading to a battle for control at the ChicagoMercantile Exchange leadership because of worries over the pace of change."They (Chicago) don't want to change. The market was so good last year,they are thinking 'it's working again, so why should we do something newor dangerous for us?'" said Patrice Blanc, Chairman of trading firm FimatUSA, Inc.
26706. 20/03/2002
15 March 2002 (Business Times)A LOCAL manufacturer of high quality rubber gloves for the world markethas chipped in RM500,000 to fund a biodegradable plastic research projectundertaken by a team of researchers at Universiti Malaya.
26707. 20/03/2002
KARACHI, March 19 (Reuters) - Pakistan's palm oil sector was mixed duringthe past week because of low domestic demand, and imports will remain slowin coming weeks due to a depressed international market, dealers said onTuesday."There is some buying, but mostly big players are waiting for theinternational market to take a clear direction," said animporter in the southern port city of Karachi.He said imports would pick up only when China started buying, whichwould also lift prices on the internationalmarket.The importer said traders had mostly secured positions throughmid-March and would only return if stocks fellsignificantly or international prices strengthened.China, the biggest palm oil importer, said last month it would import2.4 million tonnes of palm oil in 2002, one millionmore than in 2001.The market expects China to release licences for importers to buy palmoil later this month.Another trader said importers had booked good cargoes during the lastweek on expectations of an increase in palm oil exports by Malaysia, butreports suggested Malaysian data expected to be released on Wednesdaywould be below expectations."There was some intense buying in the second week (of March) whenprices were firm and importers booked big orders in anticipation offurther increases, but the downward trend in world prices and low exportfigures had brought the pressure back," he added.Dealers on Tuesday quoted palm oil in the local market at 1,460 rupeesper maund (37.32 kg).Pakistan annually imports about 1.3 million tonnes of edible oilproducts, led by palm oil, mostly from Malaysia, to meetdomestic demand of 1.9 million tonnes.($1 = 60.16 rupees)Indicative PRICES PER TONNE in Karachi for March shipment:Tuesday March 12RBD palm oil (FOB) $320/322 N/ASoyoil (FOB) $314/315 N/ALocal PRICES in rupees PER MAUND (37.32 kg):Tuesday March 12Palm oil (Karachi Port) 1,390 1,370Palm oil (Port Qasim) 1,390 1,370Soyoil (Karachi Port) 1,460 1,490Soyoil (Port Qasim) 1,460 1,490P.F.A.D. 0,970 1,030Rapeseed oil 1,500 1,500Cottonseed oil N/A 1,380Canolaseed oil 1,385 1,390Palm olein 1,355 1,350SHIPPING MOVEMENTS provided by Saulat Enterprises Ltd and AgroCommodities Ltd:commodities Tonnes ship Berthing/duePalm oil 15,000 Olympic 25/03Palm oil 8,000 Menado 27/03Palm oil 6,000 Delmun Tern 28/03Soy oil 5,000 W.S.Challenger 28/03Palm oil 15,000 Bunga Semarak dischargingPalm oil 10,000 Bhagia dischargingPalm oil 10,000 Mutiara anchorage
26708. 20/03/2002
18 March 2002 (Business Times)THE construction of the twin electric rail project between Johor Baru andSeremban will start in the next five years, State Works and UtilitiesCommittee chairman Adam Abdul Hamid said.
26709. 19/03/2002
JAKARTA, March 14 (Reuters) - Indonesia is considering a countertradearrangement with China to swap crude palm oil for development of railwaylines on the main island of Java, a senior government official said onThursday.Sudar S.A., director-general of exports, said Indonesia was looking toswap 400,000 tonnes of crude palm oil worth some $162 million in returnfor a Chinese company developing the railways."The value (of the proposed swap) is determined by the need of PT KAI(Indonesia's Railway Company) to build double (train) tracks estimated tocost around $162 million," Sudar told reporters.Sudar added that if finalised the project would take up to seven yearsto complete. He gave no further details.Indonesia is the world's second largest producer of crude palm oilafter Malaysia.In a further development, the director-general said Indonesia plannedto build palm oil storage facilities in China in a bid to increase itsmarket share."Storage facilities will be developed in Tianjin but we still don'tknow the capacity," Sudar said.China recently announced it would allow the import of up to 2.4 milliontonnes of palm oil this year against 1.4 million tonnes last year.
26710. 19/03/2002
KUALA LUMPUR, March 18 (Reuters) - India is looking for palm oil fromMalaysia and Indonesia to replenish its dwindling stocks of edible oil,while shipping space to China is in demand ahead of the release of importlicences, traders said on Monday.Vessel bookings for shipments from Malaysia or Indonesia to India, theworld's largest edible oil importer, are estimated to have reached up to300,000 tonnes so far this month.Traders speculated Malaysia's palm oil exports could reach one milliontonnes in March, up from 733,101 tonnes in February because of betterdemand from main buyers India, Pakistan and China."India's edible oil stocks are fairly low, that's why it's scramblingto buy now. We should see India buying between 600,000 and 800,000 tonnesin March/April," said one trader in Kuala Lumpur.India's monthly edible oil stocks, which include palm oil and soy oil,normally stand at around 600,000 tonnes. India buys around 220,000 to250,000 tonnes of palm oil a month from Malaysia and Indonesia, theworld's largest producers.In China, between 250,000 and 400,000 tonnes of palm oil are piling upin various ports with Beijing expected to issue licences for localimporters to buy palm oil later this month.China's palm oil import quotas total 2.4 million tonnes, up from lastyear's 1.4 million tonnes following its entry to the World TradeOrganisation (WTO)."China is also active in the freight market. People are parking theiroil in China," he added. Other brokers believed vessel bookings to Chinahad reached around 100,000 tonnes.
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