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News 27021 to News 27030 of about 27729 news within page 2703
27021. 09/04/2002
HAMBURG, April 2 (Reuters) - Lack of rain in Malaysia is reducing thecountry's palm oil production, Hamburg-based newsletter Oil World said.It sees the country's palm oil output in calendar year 2002 at 11.5million tonnes, down 300,000 tonnes on the year."At the moment we expect a considerable downturn in Malaysian palm oilstocks to 980,000 tonnes as of end-September 2002 against 1.22 milliontonnes one (year ago) and 1.37 million tonnes two years earlier," thenewsletter said.Lack of rain in leading Malaysian production areas will have an impacton yields and production during both 2002 and 2003, it said.The extent is still unknown and will depend on whether the rain neededcomes soon or whether dryness continues, it stressed.In March, Oil World estimated that combined global stocks of the 17main edible oils and fats will at end-September 2002 fall by 1.3 milliontonnes on the year."We therefore expect oil prices to appreciate during the remainder ofthis season, probably under the lead of palm oil," it said.
27022. 09/04/2002
09 April 2002 (Business Times) - THE Government’s relentless effort toboost the country’s commodity sector has been fruitful as smallholdershave benefited by earning better income.Primary Industries Minister Datuk Seri Dr Lim Keng Yaik said theGovernment will not rest on its laurels as more unilateral measures willbe undertaken down the pipeline.“Prices of natural rubber (NR), palm oil and cocoa had all improved withinthe last few months,” Dr Lim told reporters in Kuala Lumpur yesterday.Dr Lim had earlier addressed staff of his ministry at its monthlygathering and distributed pledge of allegiance “Aku Janji” certificates tothem.“For example, NR prices such as SMR 20 have improved 50 per cent to RM2.71a kg last week from RM1.81 a kg in December last year,” he said.He added that cocoa prices have also improved, reaching a RM5,000 pertonne level, while palm oil prices are also attractive hovering between aRM1,100 and RM1,150 per tonne level.Prices of palm oil were severely battered for the most part of last year,hovering at a RM800 per tonne level due to weak demand and oversupply.“I am confident prices of the commodities can improve further,” he said.Other commodities under the care of the ministry also include timber,tobacco, tin and minerals.The world’s NR producers formed the International Tripartite RubberOrganisation (Itro) last December in Bali, Indonesia, aiming to boostprices.Itro, which groups Thailand, Indonesia and Malaysia — the world’s topthree, respectively, plans to cut NR production by 4 per cent and curbexports by 10 per cent by year-end.Traders said under the plan, an estimated production cutback and exportcurb of 170,000 tonnes and 380,000 tonnes, respectively, can be seen to beremoved from the market.“In fact, the consortium is nearing completion and we are in the finalprocess to implement the US$225 million (US$1 = RM3.80) consortium tomanage, buy and stockpile NR,” said Dr Lim.Dr Lim added that Malaysia will continue to boost the sector and explorenew markets by embarking on various trade initiatives such as hold tradeseminars and promotions.Malaysia is the world’s biggest producer of palm oil, third biggestproducer of NR, tenth largest furniture maker, eight biggest cocoaproducer and, at one time, the biggest tin producer.
27023. 09/04/2002
NEW DELHI, April 3 (Reuters) - India, the world's largest edible oilbuyer, on Wednesday signed an agreement with Indonesia under which NewDelhi will supply palm crushing and milling technology in exchange forpalm oil and other products.The agreement, signed during Indonesian President MegawatiSukarnoputri's visit to New Delhi, was one of nine agreements signedbetween companies of the two countries.The agreements, covering a raft of sectors including railways,pharmaceuticals, communications, information technology and hospitality,were signed after an address by the Indonesian leader to Indian industry."The value of palm crushing and oil mills to be supplied by India wouldbe set off against purchase of palm oil and palm products or any otherproduct to be identified for imports by MMTC," S.D. Kapoor, chairman ofIndia's state-run trading firm MMTC Ltd, told Reuters.Indonesia and Malaysia, the world's leading palm oil exporters, havebeen lobbying with India to boost the sale of palm oils.But India's palm oil imports have fallen since New Delhi imposed asteep import duty of 75 percent on crude palm oil (CPO) and 85 percent onrefined palm oil in its federal budget last February. The duties comparewith 45 percent for crude soyoil and 50.8 percent on refined soyoil.The two nations want New Delhi to create a level playing field bybringing palm oil duty on a par with soyoil but India has not made anycommitment.Palm oil made up 60 percent of India's total edible oil imports in2000/01 (Nov-Oct), down from 68 percent a year earlier. During the sameperiod soyoil imports rose to 31 percent from 15.3 percent.
27024. 09/04/2002
JAKARTA, April 8 (Reuters) - Indonesia hopes to supply at least 750,000tonnes of palm oil to China this year following Beijing's increased importquota, a senior agriculture ministry official said on Monday.China has increased its import quota for palm oil to 2.4 million tonnesin 2002 from 1.4 million tonnes last year, following its entry into theWorld Trade Organisation (WTO)."There's a huge increase in Chinese demand for palm oil, reflected bythe increased quota. We are targeting to sell at least 750,000 tonnes toChina this year," Director General of Agriculture Products DevelopmentIskandar Andi Nuhung told reporters.Indonesia is the world's second largest palm oil producer afterMalaysia.Indonesia's exported 430,000 tonnes of palm oil to China in 2001,Nuhung said.China imposes quotas on edible oils to limit imports.Last week, China said it had issued the bulk of private firms' low dutyfarm import quotas including those for corn, wheat and edible oils.Nuhung said a number of Chinese palm oil importers would visitIndonesia soon to meet their suppliers and study the palm oil industryhere.President Megawati Sukarnoputri asked China to open its market to moreIndonesian palm oil products when she visited Beijing last month, headded.
27025. 09/04/2002
09 April 2002 (Business Times) - THE PRIMARY Industries Ministry welcomesany counter-trade arrangements involving palm oil as it will help boostuptake of the commodity as well as enhance its standing overseas.“The ministry is more than willing to play its part in facilitating theinitiative as it will help penetrate new markets,” its minister Datuk SeriDr Lim Keng Yaik told reporters in Kuala Lumpur yesterday.Dr Lim had earlier addressed staff of his ministry during its monthlygathering and distributed pledge of allegiance “Aku Janji” certificates tothem.Prime Minister Datuk Seri Dr Mahathir Mohamad had said last month thatMalaysia may partly pay the purchase of Poland’s PT-91 battle tanks in theform of palm oil.The counter trade of palm oil and palm oil products is not new forMalaysia as several arrangements had been made in the past.In 1994, Malaysia bought 18 MiG-29 Fulcrum fighter jets for a total ofUS$600 billion (US$1 = RM3.80) under an offset programme.It involved a cash payment of US$450 million, palm oil and palm oilproducts (US$95 million) and supply of other Malaysian products (US$55million).In October last year, US multinational, General Electric International,signed a US$60 million agreement with Keretapi Tanah Melayu Bhd (KTM)involving the purchase of 20 high-powered “Blue Tiger”.Under the deal, the locomotives are to be delivered beginning April 2003in exchange for 200,000 tonnes of palm oil and palm oil products valued atUS$60 million, to be delivered by the Pasir Gudang Edible Oils Group.The Government is also eyeing fighter jets from both the US and Russia, ofwhich Dr Lim had said last year that he attempted to squeeze at least 20per cent of the payment to be in the form of palm oil.Malaysia had also in May last year endorsed the participation of bothIndia and China in the double-tracking project which comes under a RM12billion counter-trade programme to promote demand for palm oil.The counter trade will see the delivery of around eight million tonnes ofpalm oil over a period of between five and six years to each country.Under the programme, India and China will undertake double-tracking workswhich involve the payment for rail contracts in crude palm oil.“Even though, the counter trade idea was suggested two years ago I hopethat the Transport Ministry and KTM would not have forgotten about it bynow.“The initiative can help the country’s economy as well as boost income ofsmallholders,” said Dr Lim.
27026. 09/04/2002
KUALA LUMPUR, April 4 (Bernama) -- A major change is shaping up for palmoil as the growth in the commodity's production is slowing downconsiderably and global stocks seem likely to decline sharply.
27027. 09/04/2002
NOTE: CPO mentioned in first para. is Palm Oil (PO) and not crude palmOil (CPO). 300,000 tonnes is refer to allocation allowed so far by Chinato exporters of palm oil. Malaysian exports to China from Jan. to Feb. isonly 109,984 tonnes.
27028. 09/04/2002
KUALA LUMPUR, April 4 (Bernama) -- Prices of soya oil and palm oil havenot shown the anticipated recovery since early January despite theprospective decline in stocks and tightening supplies.
27029. 05/04/2002
05 April 2002 (Business Times) - CHINA will enter Malaysia’s palm oilmarket by end-April as its agriculture sector will no longer be able tocope with strong domestic demand.Hamburg-based Oil World editor Thomas Mielke said China will open itsdoors and start importing within the next four to six weeks.“Oil World’s assessment is that the current restrictive import policy ofChina cannot be sustained because demand is so strong,” Mielke toldreporters in Selangor yesterday.Mielke had earlier given a talk on the commodity’s outlook, organisedunder the programme advisory committee (PAC) seminars.PAC comprises international and local experts of the world’s 17 edibleoils and fats. It advises the Malaysian palm oil sector on the next bestcourse of action.“The satisfaction of demand for oils and oil meals will make it necessaryfor China to change import policy anytime soon,” said Mielke.China, Malaysia’s third biggest buyer last year at 1.28 million tonnes haspledged to buy 2.4 million tonnes of palm oil following its formal entryinto the World Trade Organisation on December 12 last year.The amount is higher by one million tonnes from its traditional annualpurchase of 1.4 million tonnes.The industry had speculated that China would initiate its palm oilpurchase following the expansion of its import volume.Traders have widely speculated that China would start its buying spree asearly as January, a move that was not made till yesterday.China’s State Development and Planning Commission was supposed to announceabout 10 authorised importers from the private sector by March 7., but hasyet to do so.“The temporary interruption of imports was because the Chinese Governmentwants to raise domestic prices so that farmers will plant larger acreageof oil seed crops this spring (April and May),” said Mielke.He added that the move has worked so far as prices have increased in Chinaand farmers have responded positively to the Government’s policy ofpromoting domestic production.“But China’s agriculture sector is by no means in a position to satisfy agrowing domestic demand base.”He said it is difficult for domestic production to keep pace with demandin the medium and longer term as China’s import dependance on oilseeds,oils and oilmeals will rise.“So the interruption in announcing the quota is temporary to raisedomestic prices,” said Mielke.Industry observers had said last month that the delay was partly anindirect trade reprisal on the US for raising steel tariffs to 30 percent.The US is a major producer of soyabean oil and has interests in otherproducing countries such as Argentina and Brazil.The reprisal against soyabean oil has inadvertently affected palm oil aswell.Meanwhile, a trader said that China was already in the market but did notwant to make it official to benefit from the current low prices.“By announcing its intention to come into the market, palm oil prices willno doubt rally,” said a trader.At the Malaysia Derivatives Exchange yesterday, the benchmark third-monthJune delivery closed RM2 lower at RM1,155 a tonne.April, May and July deliveries each closed RM2 lower at RM1,145, RM1,149and RM1,157 a tonne respectively.Volume eased 568 lots to 1,506, while open positions gained 151 contractsto close at 10,834.
27030. 05/04/2002
05 April 2002 (Business Times) - PALM oil (CPO) prices may be at a premiumover its rival soyabean oil in the near term as the former is expected toface a decline in production by the year-end.Hamburg-based Oil World editor Thomas Mielke said it is possible that palmoil would trade at a premium to soyabean oil in the near to medium term asMarch stock is already lower than a year ago.“The monthly production data for March this year will probably be lowerthan March last year, and this will be an important factor that couldtemporarily lift palm oil prices above soyabean oil,” Mielke toldreporters on the sidelines of a palm oil seminar in Selangor yesterday.According to the Malaysian Palm Oil Board (MPOB), closing stock forFebruary was at 1.28 million tonnes, or a 14.1 per cent drop from 1.49million tonnes in the same month last year.Production in February declined to 773,341 tonnes, or a 13 per cent dropfrom 888,767 tonnes in the same month last year.The MPOB will release official production, stockpile and export figures byApril 12.Most industry observers said early this year that Malaysia’s palm oilproduction was expected to decline to around 11.5 million tonnes by theyear-end from 11.8 million tonnes last year because of tree fatigue.“The tightness in the oils and fats balance resembles that in 1997-98 whenMalaysia’s palm oil was sold at US$632 (US$1 = RM3.80) a tonne andArgentina’s soyabean oil was at US$617,” said Mielke.He added that weather developments will be of particular importance,noting that a moderate El Nino is developing and has begun to be felt inSouth-East Asia.“Unusually dry conditions since December or January are affecting palm andlauric oil production in Malaysia and parts of the Philippines,” saidMielke.Generally, palm oil has traded at a discount of between US$60 and US$100over the years.For example, Rotterdam palm oil price carriage, insurance and freight ofUS$300 a tonne will be at a discount of US$100 should soyabean be pricedat US$400 a tonne.This discount usually varies between US$60 and US$80 depending on soyabeanand palm oil prices, which fluctuate according to market demand.Industry observers have always maintained that the discount should benarrowed to between US$30 and US$40 and that being at a premium is notalways good for producers.“Should palm oil prices be at a premium naturally, buyers would opt forcheaper oils which in this case is not palm oil,” a trader said.Mielke said having palm oil prices at a premium over soyabean oil wouldnot be the first time as the former has been trading at a premium wheneverthere is a shortage in Malaysia.“Palm oil and soyabean oil have considerable rally potential for theremainder of the season as some key fundamentals show that the world’s 17edible oils and fats supply and demand outlook is tighter than currentprices suggest, said Mielke.Mielke said a sizeable slowing down of the growth in world consumption ofthe world’s edible oils will decline sharply by about 1.3 million thisseason.Malaysia is the world’s biggest producer at 11.80 million tonnes last yearof which 10.59 million tonnes were exported to 140 countries.
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