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News 27831 to News 27840 of about 29539 news within page 2784
27831. 12/08/2004
11/08/04, NEW DELHI (Dow Jones)--India's federal government lateTuesday increased the intervention price of summer-sown crops, such asrice and oilseeds, according to local news agency Press trust of India.India's federal government announces the intervention price of thesummer-sown crop in August, while the intervention price of thewinter-sown crop is announced in January.The intervention price of rice has been increased by 100 rupees($1=INR46.36) a metric ton to INR5,600/ton from INR5,500/ton in 2003.The intervention price of yellow soybeans has been increased byINR700/ton to INR10,000/ton, while black soybean intervention prices havebeen increased INR600/ton to INR9,000/ton.India's federal government intervenes in the open market to buy riceand oilseeds if open market prices fall below the intervention price.Generally, the government only procures rice from the market, sinceoilseed prices are generally higher than the state-set interventionprices.India's summer-sown crop is sown in June and July and harvested inSeptember.
27832. 12/08/2004
11/08/04, KUALA LUMPUR (Dow Jones)--Asian cash palm oil prices weremixed Wednesday, with the Malaysian market hovering between unchanged tomarginally higher amid slow trading as participants were mostly on thesidelines ahead of key supply and demand figures.Products in Malaysia were steady, tracking slight gains in the futuresmarket.At 0829 GMT, the benchmark October CPO futures contract on the BursaMalaysia Derivatives was at 1,422 ringgit ($1=MYR3.8) a metric ton, upMYR5 from Tuesday.CPO futures were lifted by some short covering on the nearby Augustcontract ahead of the contract's expiry Friday.Slightly higher soyoil futures in electronic trading also providedsome support, traders said.Traders said participants were cautious, awaiting official monthlycrop reports on palm oil and soybeans. The government-run Malaysian PalmOil Board is scheduled to issue midday Thursday official July supply anddemand figures for palm oil.Also Thursday, the U.S. Department of Agriculture is expected to issuesupply and demand data for soybeans."The market hasn't changed much at all. There was nothing new in the(Palmis) figures. People are just waiting now for MPOB," a trader said.In a prelude to the MPOB's report, private surveyor Palmis ManagementBhd. issued midday its own estimates for July.Palmis pegged Malaysia's CPO production in July at 1.230 million tons,up from the 1.17 million tons produced in June, traders said.According to traders who obtained the data, Palmis estimated July palmoil exports at 1.055 million tons, up from 886,376 tons in June.Palmis estimated end-July stocks at 1.315 million tons, up from 1.21million tons at end-June.Traders said the figures had little impact on prices as there were nomajor changes from a report issued a week ago.In the near term, palm oil prices are likely to remain steady on thehopes of strong exports in August.Tuesday, Cargo surveyors SGS (Malaysia) Bhd. and Intertek TestingServices issued estimates showing disappointing growth in palm oil exportsin the first 10 days of August.However, market players weren't concerned."Many (people) believe that second-half shipments are going to begood," a trader said.Meanwhile, there was talk of a possible reduction in import duties inIndia. The Indian government is likely to cut import duties on crude oil,petroleum products, steel and agricultural commodities such as sugar andedible oils, India's Economic Times reported, quoting sources.The move is believed to be part of measures the government is liningup to curb inflation. The report didn't provide further details.Traders said a cut in edible oil import duties, if true, would pavethe way for India to buy more palm oil in the coming months.In the cash market, CPO for August shipment was offered at 1,500ringgit ($1=MYR3.8) a metric ton, up MYR10 from Tuesday, delivered basisin South Malaysia.RBD palm olein for August shipment was offered at $425.00/ton, up $2.5from Tuesday. Other months were unchanged.RBD palm oil for August shipment was at $415.00/ton, up $2.5. Othermonths were unchanged.In Indonesia, RBD palm olein in Jakarta was offered at 4,275 rupiah($1=IDR9,230), down IDR25 from Tuesday.CPO in Medan was offered at IDR3,730/kg. Tuesday, the government sold2,500 tons of CPO at a semiweekly auction at prices of as high asIDR3,702/kg.
27833. 12/08/2004
11/08/04, KUALA LUMPUR (Dow Jones)--Private surveyor Palmis ManagementBhd. Wednesday estimated Malaysia's July crude palm oil output around1.230 million metric tons, up from the 1.17 million tons produced in June,said traders familiar with the latest Palmis report.According to traders who obtained the data, Palmis estimated July palmoil exports at 1.055 million tons, up from 886,376 tons in June.Palmis pegged end-July stocks at 1.315 million tons, up from 1.21million tons at end-June.Palmis is the only private palm oil crop forecaster in Malaysia, andits production, export and stock forecasts are closely watched by themarket.Traders said the figures aren't expected to have any significantimpact on palm oil prices, as there were no major changes from a previousreport issued a week ago.At 0705 GMT, the benchmark October CPO contract was at 1,424 ringgit($1=MYR3.8) a ton, up MYR7 from Tuesday.CPO futures were slightly higher amid short covering on the nearbycontract ahead of its expiry.The spot August contract ceases trading midday Friday.Slightly higher soyoil futures in electronic trading also lifted palmoil prices, traders said.However, trading interest was largely sluggish Wednesday asparticipants wait for official July supply and demand data.The figures are scheduled to be released midday Thursday by theMalaysian Palm Oil Board.Also due Thursday is the U.S. Department of Agriculture's monthly cropreport on soybeans.
27834. 12/08/2004
8/11/04, INDIA (Oilmandi) - GOING by current indications, howeverincipient, history made in 2003 could repeat itself this year in the US,world's largest producer of soyabean; and if it does, the internationalvegetable oil market may witness another frenzied price behaviour withspeculators having a field day at the cost of those with genuineunderlying exposure.
27835. 11/08/2004
8/10/04, INDIA (Oilmandi) - Don’t blame the monsoons for more expensiveedible oils. Every consumer is paying an extra Rs 3-Rs 7 a kg extra forcooking oils only because the government has asked Customs to levy importduty on a price that is more than $100 per tonne higher than what isactually paid by the importer.
27836. 11/08/2004
10/08/04, KUALA LUMPUR (Dow Jones)-- Asian cash palm oil prices weremostly flat Tuesday, with products in Malaysia little changed in slowtrading despite slightly disappointing export figures.Cargo surveyors Intertek Testing Services and SGS (Malaysia) Bhd.issued estimates Tuesday showing Malaysian palm oil exports totaledaround 317,000 tons in the first 10 days of August, up slightly fromabout 300,000 tons in the July 1-10 period.Traders said the figures were considered a disappointment because themarket had been expecting strong growth.However, despite the uninspiring figures, declines in palm oil priceswere limited because many market players had already reacted in advanceMonday.Palm oil prices fell late Monday amid rumors that exports would bearound 320,000 tons and not as high as 400,000 tons as initially expected.Traders said there was also optimism that export growth could pick uppace in the remaining days of the month."The SGS figure showed zero exports to India, which is surprisingbecause they had booked quite a lot of freight space for August. So wewill definitely see a much better number for the second half of themonth," a trader said.India had been buying actively in the Malaysian and Indonesianmarkets last month following concerns about a potential drop in thecountry's domestic oilseeds production because of weather problems.Besides Indian interest, demand from China also improved late lastmonth.So far in August, however, both countries have been less aggressive."When our prices went up, the interest slowed down again. They arestill buying a little bit and that is helping to support our market. Butthe interest is still not as much as what we saw (this time) last year,"a tradersaid.Demand from China and India is typically strong in the third quarteras both countries stock up for major festivals later in the year.Meanwhile, market players largely ignored reports that El Nino weatherconditions have developed and could affect palm oil production in thecoming months.An Australian government weather forecast has indicated that El Ninohas returned and will affect rainfall in Southeast Asia in the next threemonths.Traders said it is still too early to determine the impact, if any, ofEl Nino on palm oil production.In the cash market, CPO for August shipment was offered at 1,480ringgit ($1=MYR3.8) a metric ton, unchanged from Monday, delivered basisin South Malaysia.RBD palm olein for August shipment was offered at $422.50/ton,unchanged from Monday.RBD palm oil for August shipment was at $412.50/ton, down $2.5.In Indonesia, the government sold 2,500 tons of CPO at a semiweeklygovernment auction Tuesday, said an official from PT Perkebunan Nusantara,the agency that sells palm oil from state-run plantations.The official said the auction price was up 8 rupiah ($1=IDR9,185) akilogram from the previous auction.PT Nubika Jaya bought 1,000 tons, ex-factory, at IDR3,641/kg.PT Astra Agro Lestari bought 1,000 tons, free on board Belawan, atIDR3,702/kg.PT Darmex Oil and Fat bought 500 tons, FOB Dumai, at the same price.RBD palm olein in Jakarta was offered at IDR4,300/kg, unchanged fromMonday.Meanwhile, traders said Indonesia palm oil exports in July totaled603,276 tons, up 2.2% from 590,116 tons in June.Traders familiar with estimates from cargo surveyor PT Sucofindo saidvegetable oil exports in July totaled 691,691 tons compared with 668,699tons in June.
27837. 11/08/2004
KUALA LUMPUR, Aug 10 (Bernama) -- Malaysian exporters are invited to seizethe opportunity to participate in the trade mission and investment missionto India from Sept 19-28.
27838. 11/08/2004
8/10/04, INDIA, (Oilmandi) - Inflation is back in the news. But it is tooearly to hit the panic button yet. At 7.5% for the week ended July 24, therate is higher than what we have been used to. A rise in food prices and aspike in the price of iron ore have been this week’s main culprits.
27839. 11/08/2004
8/10/04, Oilmandi - Indonesia's palm oil exports in July totaled 603,276metric tons, up 2.2% from 590,116 tons in June, traders said Tuesday,citing estimates from cargo surveyor PT Sucofindo.
27840. 11/08/2004
KUCHING, Aug 10 (Bernama) -- The proposed RM70 million-integrated palm oilrefinery at Senari near here is expected to provide an annual processingcapacity of 300,000 tonnes of crude palm oil (CPO) and 600,000 tonnes ofpalm kernels initially, said Tan Sri Bujang Nor, chairman of the AssarGroup of Companies.The complex, scheduled for completion in early 2006, will occupy a12-hectare piece of land adjacent to an on-going independent oil terminal(IOT) project at Senari."We (shareholders) are calling for tenders and will start the projectas soon as possible," he told reporters after the project's agreementsigning ceremony here today.Assar Refinery Holdings Sdn Bhd, holds more than 40 percent of theequity in the joint venture firm, Assar Refinery Services Sdn Bhd. Itspartners are the Sarawak Land Consolidation and Rehabilitation Authority(Salcra) and Cargill of the United States.Salcra will become the principal supplier of the raw materials to theproposed refinery while Cargill will be the principal buyer of theprocessed products.Also present at the signing ceremony was Sarawak's Land DevelopmentAssistant Minister Francis Harden, who represented the Deputy ChiefMinister and Salcra chairman Tan Sri Alfred Jabu.Plantation Enterprises and Commodities Minister Datuk Peter Chin saidthe refinery would save millers and planters millions of ringgit ontransportation costs once it became operational.The site of the complex is strategically located near Senari Port,which has a good draft of about 10 to 11 metres to accommodate vessels upto 20,000 deadweight tonnes which can sail to international ports.In Chin's speech, which was read out by the ministry's parliamentarysecretary, Ng Lip Yong, the minister said it would spur plantationdevelopment in southern Sarawak besides stimulating the creation of otheradded value dowmstream industries.It would augur well with the target set by the Sarawak stategovernment to have one million hectares planted with oil palm by 2010, hesaid.At present, Sarawak has 460,000 hectares planted with the crop out ofa national total 3.8 million hectares. -- BERNAMA
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