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News 26731 to News 26740 of about 27228 news within page 2674
26731. 13/11/2001
   
KUALA LUMPUR, Nov 12 (Reuters) - Malaysian palm oil futures broke a keyresistance level and firmed across the board by midday on Monday onmarket-friendly export figures and overnight rises in Chicago, traderssaid.Benchmark third-month January was 32 ringgit higher at 1,152 ringgit($303.16) after trading as high as 1,159 ringgit. Volume was heavy at2,370 lots.One technical analyst said chances were good the market would hit the nextresistance level of 1,200 ringgit after the January contract broke theprevious key resistance of 1,153 ringgit.Malaysian palm oil exports in the first 10 days of November were estimatedto have risen to 398,932 tonnes from 291,103 tonnes in the same periodlast month, cargo surveyor Intertek Testing Services (ITS) said on Monday.Another cargo surveyor, Societe Generale de Surveillance Malaysia Sdn Bhd(SGS), whose figures are more closely watched by the market, is due torelease its export estimates for November 1-10 after 0600 GMT on Monday."I think the rally will take over the classic bear. Believe it or not, thecurrent upside could hit the previous high of 1,315 ringgit recorded onAugust 8, 2001," said the analyst."The downside is limited," she said.Just before the market closed for the midday break, the official MalaysianPalm Oil Board (MPOB) said Malaysia's crude palm oil output rose 3.66percent to 1.14 million tonnes in October from 1.10 million tonnes inSeptember.The month's output was little changed year on year versus the 1.18 milliontonnes in October 2000, it added.The MPOB said end-October stocks were up at 1.34 million tonnes against1.22 million tonnes at end-September and down versus last October's 1.41million tonnes at the same time of the month.Exports in October stood at 898,918 tonnes compared with 652,020 tonnes inSeptember and 1.0 million tonnes in October 2000, MPOB said.Earlier, influential private forecaster Ivan Wong had estimated Octoberoutput to reach 1.16 million tonnes, up 5.3 percent from September.In physical crude palm oil, the November contract for the southern andcentral region was bid/asked at 1,110/1,120 ringgit a tonne. There weredeals at 1,110 to 1,115 ringgit for south and at 1,100 to 1,110 forcentral.Among refined products, November RBD palm oil was offered at $315 a tonne,December at $322.50, January at $330 and January/February/March at $335.November RBD olein saw offers for $325, December at $332.50, January at$337.50 and January/February/March at $342.50.November/December RBD palm stearin was offered at $262.50 and January at$265. December palm fatty acid distillate was offered at $250.
26732. 13/11/2001
   
USA, 11/12/2001 (Soyatech)
26733. 13/11/2001
   
USA,11/12/2001 (Soyatech)
26734. 12/11/2001
   
KUALA LUMPUR, Nov 10 (Bernama) -- The crude palm oil (cpo) futurescontracts on the Malaysia Derivatives Exchange could trend firmer nextweek as the market continued to react positively to a host ofmarket-friendly factors.
26735. 10/11/2001
   
09 November 2001 (Business Times) - MALAYSIAN crude palm oil (CPO) supplylogistics are back in gear with exports shifting into normal to out-pacethe build-up in stocks.Palm oil bulkers no longer face storage constraints as demand has pickedup ahead of the upcoming festivals like Deepavali on November 14, HariRaya in mid-December and Chinese New Year in mid-February, an industrysource said.“The storage tanks were overflowing at one point but the pressure haseased substantially... shipments are back to normal,” the source toldBusiness Times in Kuala Lumpur yesterday.Business Times reported last month that CPO bulkers were facing storageconstraints caused by disruptions in shipments to Pakistan and other partsof West Asia due to the on-going military strikes in Afghanistan.CPO is stored at bulking facilities at the ports and elsewhere beforebeing loaded onto ships for export. At least one of the major depots hadto turn away new supplies in the wake of sluggish offtake, worsened byshipping lines’ nervousness in servicing the Gulf region.The US and its coalition partners had on October 7 launched a militaryoffensive against Afghanistan in an effort to force the ruling Taliban tohand over Saudi-born militant Osama bin Laden, which Washington names asthe prime suspect in the September 11 attacks on the US.Primary Industries Minister Datuk Seri Dr Lim Keng Yaik had even assuredshipping lines that the Government was prepared to fully insure theirvessels against attack.The world’s biggest CPO bulker, Felda Johor Bulkers Sdn Bhd, rejected upto 50,000 tonnes of the commodity as its tanks were full, sources said.Located in Pasir Gudang, the facility can hold 242,000 tonnes of CPO atany one time. It handled 3.6 million tonnes or 33.27 per cent of Malaysia’s palm oil exports of 10.82 million tonnes last year.It is not immediately known to what degree shipments were actuallydisrupted last month. Pakistan buys about 100,000 tonnes of the commodityfrom Malaysia each month, involving the use of about 10 ships.There are 31 licensed bulkers in the country with facilities located inJohor, Pahang, Penang, Selangor, Sabah and Sarawak.Combined, they can hold up to 850,000 tonnes of CPO at a time. Johor leadswith a capacity of 267,000 tonnes, followed by Selangor with 247,855tonnes, Pahang 120,880 tonnes, Penang 115,500 tonnes, Sabah 94,840 tonnesand Sarawak 3,600 tonnes.Apart from Felda Johor Bulkers, the other major bulkers are Fima PalmbulkServices Sdn Bhd, Butterworth Bulking Installation Sdn Bhd, Wilmar BulkingInstallation Sdn Bhd and Guthrie Export Sdn Bhd.At the Malaysia Derivatives Exchange yesterday, the benchmark third monthJanuary 2002 futures closed RM19 higher at RM1,100 a tonne.A trader said the market is cautious ahead of the release of Octoberproduction figures, which are likely to show a 1 per cent rise fromSeptember’s 1.1 million tonnes.The Malaysian Palm Oil Board is expected to release the production, exportand end-stock data on Monday.“The market is on a technical rebound but there may be a retracement assome players feel that it is already somewhat overpriced.“But overall, the market is bullish amid strong seasonal demand,” said atrader.At the close, November futures were unchanged at RM1,080 a tonne, DecemberRM19 higher at RM1,099, and February and March RM31 and RM34 up at RM1,146and RM1,155, respectively.Total turnover was down 1,007 lots at 2,843 lots and open interests waslikewise 189 contracts lower at 13,150 contracts.
26736. 10/11/2001
   
KUALA LUMPUR, Nov 9 (Bernama) -- The government has allowed a quota of 1.3million tonnes of crude palm oil (CPO) for duty-free export next year,Primary Industries Minister Datuk Seri Dr Lim Keng Yaik announced hereFriday.
26737. 10/11/2001
   
KUALA LUMPUR, Nov 9 (Reuters) - Malaysia will allow duty-free export of1.3 million tonnes of crude palm oil (CPO) in 2002 to boost the market,the government said on Friday."The government has decided that for next year 1.3 million tonnes of CPOwill be available to be exported tax-free," Primary Industries MinisterLim Keng Yaik told reporters.He said only companies which have plantations and refineries in Malaysia'seastern states of Sabah and Sarawak can apply for the quota.Lim said the one million tonne quota for this year was almost exhausted.Traders had hoped the government would announce a new quota for duty-freeexport of CPO after India cut import duties to 65 percent from 75 percentlast week, and also because of aggressive sales by arch rival Indonesia.
26738. 09/11/2001
   
JAKARTA, Nov 6 (Asia Pulse) - A 40 member Indonesian trade missionrepresenting 23 crude palm oil (CPO) companies will leave Thursday forChina in a bid to increase exports to the country.Rosediana Suharto, an expert staff of the industry and trade minister,said Monday the mission will meet with 300 Chinese business leaders fromthe China National Vegetable Association.Rosediana said the mission is important as the Chinese will bedisappointed as they altready knew the plan.Derom Bangun, the chairman of the association of CPO companies, said Chinais a highly potential market for CPO and olein especially after its entryto the World Trade Organization.China imports around 1.1 million tons of CPO a year and the imports couldrise to 1.5 million tons after the quota system is removed by thatcountry, Bangun said.Indonesia has a only a quota share of 300,000 tons but hopes to have alarger share of the Chinese market after the removal of the quota system.Malaysia dominates the CPO market in China.
26739. 09/11/2001
   
11/8/2001, (Soyatech.com) - As at the end of August this year, Malaysiaproduced 7. 04 million tonnes of palm oil, which represented a 10%,increase over the same period last year.Malaysia is now facing the last quarter of the year where high monthlyproduction level is the norm. It is obvious that this year production willbe more than last year. Nevertheless, the earlier forecast by somequarters that this year production may reach 11.8 million to 12 milliontonnes is inaccurate.Based on recent developments, this years production is forecast to bearound 11.2 million tonnes, an increase of about 0.4 million tonnescompared to last year. Taking into account the beginning stock anddomestic demand, it has been estimated that for the whole of this year, wehave some 11.5 million tonnes of palm oil for export. Thus, the countryhas to do better this year if she does not want to be saddled with highstocks again.For the first eight months of this year, Malaysia is exports have beenquite spectacular when compared on a year-to-year basis. Based onpreliminary figures, the growth of exports during the eight months of thisyear has reached almost 30%, bringing the exports to 7.09 million tonnes.Hopefully, the country’s export for the rest of the year will be betterthan last year.The impressive export performance in the first eight months has resultedin a drop in stocks to 878,300 tonnes as at end-August from 921,700 tonnesat the end of July. This is a huge reduction from the stock level of 1.42million tonnes as at end December 2000 or 1.52 million tonnes as at endJanuary 2001. As for Indonesia, the worldís second largest producer andexporter of palm oil, the production estimates for 2001 are mixed.At the low end, some say Indonesia may produce 7.6 million tonnes thisyear. But others predict Indonesia production to even reach eight milliontonnes. This means that for this year, Indonesia will have between 5.2 and5.5 million tonnes of palm oil for export.Primary Industries Minister Datuk Seri Dr Lim Keng Yaik said he was toldthat for the first half of 2001, Indonesia exports touched 1.95 milliontonnes, which was only a 15.9% increase compared with the same period lastyear.Malaysia exports grew by 30%, which means our export is higher. Maybe thechanges in India duty structure have to some extent affected Indonesiaexport performance. India, beginning March this year, has increased theimport duty on CPO and PPO (processed palm oil), while maintaining theduty on soybean oil, thus making soybean oil more competitive.Since 40% of Indonesia palm oil export to India was CPO, compared to 22%of Malaysia, Indonesia is more adversely affected than Malaysia. Thedevelopments in other oil crops: The US Department of Agriculture (USDA)report of Sept 14, 2001 indicates soybean production in the US in thecoming season is estimated to be higher by three per cent or 77.1 milliontonnes compared to 74.8 million tonnes last year. This represents adecline over USDA earlier estimates. Apparently, the weather conditionsduring planting have not been favourable. This was the reason for anupturn in world oil and fats prices in early July.The production of both rapeseed and sunflower are also anticipated to fallin the coming season. The Canadian rapeseed crop is forecast to decline by28.7% or 5.07 million tonnes from 7.12 million tonnes, while the Australiacrop will be down by as much as 15.8% or 1.43 million tonnes from 1.7million tonnes last year.Sunflower production in Russia and the Ukraine is also expected to fall by12% (i.e. 3.3 million tonnes versus 3.75 million tonnes in 2000) and 26.5%(i.e. 2.55 million tonnes versus 3.47 million tonnes in 2000)respectively. Soybean harvest in both Argentina and Brazil is high at 26.5million and 38.2 million tonnes respectively.
26740. 08/11/2001
   
SHANGHAI, Nov 1 (Reuters) - Producers like Malaysia and Indonesia canhope to sell more palm oil to China despite rising overseas prices becauseimported palm oil is still cheaper than domestic oils, traders said onThursday.China would use up all palm oil quotas in 2001, wiping the slate cleanas it braces to import a huge amount of palm oil next year as requiredunder the terms for joining the World Trade Organisation, they said.China would thus import 300,000 to 400,000 tonnes for the months ofOctober to December, exhausting quotas left over from this year'sallocation of 1.4 million tonnes, analysts said."China will have to finish all the quotas for this year because it willhave to import much more after China joins the WTO, which is happeningsoon," said Liu Aimin, edible oil analyst at Beijing Orient AgribusinessConsultant.China expects to join the world trade body later this year, after whichit is expected to import 2.4 million tonnes of palm oil in 2002 at lowtariffs under a tariff-rate-quota system.By 2006, the tariffs will be dropped and all imports will be subject toa flat duty of nine percent.Traders said they expected the market to use up all the remaining quotasfor 2001 due to steady domestic demand, although overseas prices arefirming.
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