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News 28771 to News 28780 of about 29296 news within page 2878
28771. 30/11/2001
   
JAKARTA, Nov 29 (Reuters) - Indonesia is seen producing around 8 milliontonnes of crude palm oil in 2001, far above its earlier forecast, due tonew plantations starting to yield their crop, a senior industry officialsaid on Thursday.The world's second largest palm oil producer had earlier forecastproduction at 7.3 million tonnes this year.Nafis Daulay, Chairman of the Indonesian Edible Oils Association(AIMMI) said Indonesia had exported 1.53 million tonnes of crude palm oil(CPO) in the first ten months of this year, while exports of its byproducts in CPO equivalent reached 2.18 million tonnes.Around 2.8 million tonnes of CPO was sold in the domestic market duringthe same period, he said."Output in November and December is seen at 1.4 million at least, sothe total production will reach more than 8 million tonnes," Daulay toldReuters.The Indonesian Palm Oil Producers Association (GAPKI) earlier forecastthe country to produce 7.3 million tonnes in 2001, an increase from around6.5 million tonnes a year earlier.But while he forecast a rise in production, Daulay said the total for2001 would not be as high as 8.5 million tonnes, a figure expected by manyregional palm oil traders.
28772. 30/11/2001
   
NEW DELHI, Nov 27 (Asia Pulse) - Online trading in edible oil startedtoday in Bombay, and is expected to facilitate the trade in refined,bleached and deodorized palm oil futures contracts with remote importersand overseas investors.India is the largest importer of edible oil and imported 4.8 milliontonnes in the 2000-01 season (November-October).Online trading will help take instant decisions as traders would haveready access to price trends. It eliminates delay in information flow byallowing direct trading, market sources said here.They said Bombay exchange trades about 4 million rupees worth of RBD palmoil futures a day. That could surge to 150 They said Bombay exchangetrades about 4 million rupees worth of RBD palm oil futures a day. Thatcould surge to 150 million rupees once it starts being traded online,traders said. RBD palm oil isn't traded on any other exchange in theworld.
28773. 30/11/2001
   
ST.PETERSBURG, RUSSIA, NOV 18, 2001 (A&G News via COMTEX) -- The minimumimport duty on sunflower,rapeseed and soybean oils will beincreased fromEURO 0.09 to EURO 0.14 per1 kg of bottled production and to EURO 0.1fornon-packaged oil.
28774. 29/11/2001
   
29 November 2001 (Business Times) - MALAYSIA’S crude palm oil (CPO)futures prices broke a key support level and fell across the boardyesterday due to the absence of fresh leads but traders insist it is atemporary situation caused by technical selling.This is despite most industry observers’ forecast early this month thatCPO prices are expected to perform well and float above the RM1,200 atonne level by year-end.By midday in yesterday’s trade on the Malaysian Derivatives Exchange(MDEX), the benchmark third-month February futures was down RM33 atRM1,109 a tonne after breaking the key support of RM1,120 a tonne.“CPO prices have been on an uptrend for the past two weeks and it has tocome down at some point on technical selling with a new key support ofRM1,100 a tonne,” a trader told Business Times in Kuala Lumpur yesterday.He said the market is also bogged down as some players remained anxiousover a possible increase in India’s refined bleached and deodorised palmolein base price.Rumours circulated in the market that the world’s largest edible oilimporter India plans to raise the base price to US$340 (US$1 = RM3.80) atonne from US$307 a tonne.“There is a possibility India will revise upwards the base price which mayeventually lead to a rise in import duties on Malaysia’s palm oil,” saidthe trader.India had increased import duty on Malaysia’s CPO three times last yearbefore the subcontinent finally reduced the duty to 65 per cent from 75per cent last month.India bought 2.38 million tonnes in 1999 and 2.03 million tonnes lastyear.Meanwhile, another trader said the market is expected to improve as longas the rainy season continues and export figures for November touch theone million tonne mark.According to the Malaysian Palm Oil Board, Malaysia exported 898,918tonnes of palm oil in October and many players expect November exports totop one million.Malaysia is the world’s biggest producer of CPO, exporting 8.32 milliontonnes in 1996 worth RM9.4 billion and 10.38 million tonnes with a salesvalue of RM12.47 billion last year.Meanwhile, December price dropped RM36 to settle at RM1,059 per tonnewhile January fell RM44 to settle at RM1,078 per tonne on MDEX yesterday.February contracts decreased RM46 to settle at RM1,096 per tonne and Marchfell RM44 to end at RM1,100 per tonne. Total turnover widened to 3,424lots from 2,318 lots on Tuesday, while open interest was down at 12,948contracts from 12,952 contracts previously.In the physical market, November South was traded at RM1,080 per tonnecompared with RM1,100 per tonne on Tuesday.
28775. 27/11/2001
   
BOMBAY, Nov 25 (Reuters) - India said on Sunday that growing import levelsof edible oils in the country, the world's largest buyer, was a matter ofconcern and needs to be corrected."The current import levels are ringing alarm bells," federal Food MinisterShanta Kumar told an oilseeds convention.India's foreign dependence on imported vegetable oils has currently risento about 40 percent from just three percent in 1992/93.The country imported a record 4.8 million tonnes of edible oils in theyear to October 2001, up from 4.49 million the previous year, according tothe industry estimates.Annual demand for edible oil in India is forecast to rise to 13-14 milliontonnes by 2004/05 (November-October), from about 11 million tonnes now.Annual oilseeds output has remained virtually stagnant in the last decde,despite several government initiatives. India produced 18.21 milliontonnes of oilseeds in 2000/01 compared with 18.61 million a decade ago."We have tried to correct it (the situation) by raising import duties fourtimes in the last two years but it did not solve the problem," Kumar said.There was a need to induce farmers to shift to cultivation of oilseedsfrom foodgrains, he said and added that the government was consideringincentives to boost oilseeds output.The government was also committed to provide an efficient marketing systemfor their produce, he added."We are surplus in grains production but fail to produce enough oilseeds,"Kumar said.India will have unprecedented grains stocks of about 75.5 million tonnesbefore wheat procurement will begin in April. As on October 1, India hadtotal grains stocks of 58.28 million tonnes against the buffer stockrequirement of 18.10 million tonnes.
28776. 27/11/2001
   
KUALA LUMPUR, Nov 24 (Bernama) -- International Trade and IndustryMinister, Datuk Seri Rafidah Aziz, will lead an 18-member Malaysiandelegation to the Fifth Malaysia-China Joint Economic and Trade Commission(JETC) meeting in Beijing on Nov 26, 2001.
28777. 26/11/2001
   
26 November 2001 (Business Times)
28778. 24/11/2001
   
SHANGHAI, Nov 21 (Reuters) - China has agreed to allow greater imports ofagricultural products like wheat corn and rice at lower duties after itjoins the World Trade Organisation on December 10.Below is a table detailing yearly import quotas agreed by China under atariff-rate-quota (TRQ) system which comes into effect after WTO entry:
28779. 24/11/2001
   
AMSTERDAM, Nov 23 (Reuters) - European palm oil consumers with coveragethrough January are wary of buying more expensive forward positions,mindful of soyoil values amid talk of further price rises, traders said onFriday.Benchmark Malaysian futures rose about eight percent in the past weekand some traders are convinced the market is set for an extended bull run,but consumers were less convinced."There's been a good buying, both from specs and consumers," a Londontrader said, adding that India was a prominent buyer over the past 48hours."The charts look particularly positive on palm oil, everything looksset for another surge," he added.The benchmark Malaysia third-month February palm oil futures closedhigher at 1,182 ringgit a tonne on Friday, not far from key resistance of1,200. The next major target would be the peak of 1,315 ringgit touched onAugust 8, he said.Higher prices would be supported by fundamentals since global palm oiloutput is expected to decline in coming months, especially in Malaysia.October-December world production is due to fall by two percentyear-on-year and by six percent in the first three months of 2002,industry publication Oil World said this week.Another near-term trigger for higher prices could be on Monday whenestimates are due to be released for Malaysian exports during the first 25days of November, traders said.
28780. 24/11/2001
   
BOMBAY, Nov 22 (Reuters) - Edible oil imports by India, the world'slargest buyer, are likely to fall in November-January from last year'slevel despite a decline in stocks, thanks to rising local supplies,traders say.Availability of domestic edible oils is expected to rise following goodwinter oilseed crops, they said."Groundnut oil is available in ample volumes at present," MansukhbhaiPatel, president of the Central Organisation for Oil Industry and Trade,told Reuters on Thursday.Supplies of other indigenous oils, such as soybean oil and sunfloweroil, are also increasing, he said.Traders forecast India's oil imports at 300,000 to 325,000 tonnes inboth November and December, down from 360,000 tonnes and 331,000 tonnesrespectively in the same months last year.India is expected to import about 75,000 tonnes of soyoil and125,000-150,000 tonnes of crude palm oil both this month and next, theysaid.Edible oil imports are expected to fall to about 400,000 tonnes inJanuary from 538,000 tonnes a year earlier, traders said.India mainly purchases oils from Malaysia, Indonesia and South Americancountries. More than two-thirds of India's oil imports are palm oils, withthe rest accounted by soft oils such as degummed soy oil.
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ECONOMICS & INDUSTRY DEVELOPMENT DIVISION
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