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News 28791 to News 28800 of about 29314 news within page 2880
28791. 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.
28792. 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.
28793. 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.
28794. 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.
28795. 26/11/2001
   
26 November 2001 (Business Times)
28796. 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:
28797. 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.
28798. 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.
28799. 24/11/2001
   
KUALA LUMPUR, Nov 23 - MPOB reported CPO production rose 3.7 percent or40,300 tonnes to 1.141 million tonnes in October. The bulk of the increasewas accounted by East Malaysia where production rose 30,500 tonnes or 7.5percent to 437,300 tonnes.Peninsular Malaysia posted a slight increase of 9,800 tonnes or 1.4percent. On an annual basis, production in the country shrank 3.5 percentor 42,100 tonnes. Over 80 percent of the contraction was acounted byPeninsular Malaysia where output fell 4.8 percent.As stated in previous reports, the negative growth in yields andproduction will get worse. This reflected mainly a "correction" from thenear-record high yields registered in the corresponding months of lastyear. For the three month-period ending December we estimate output toregister a contraction of eight percent or 275,000 tonnes. We are alsomaintaining our estimate of an 11.65 million tonnes output, possibly more,for the whole of this year. Seasonally, production in November isestimated to decline nine percent from October.Palm oil offtake recovered vigorously to 1.04 million tonnes inOctober from the abnormally low level of 792,000 tonnes in the precedingmonth. Exports alone recovered 247,000 tonnes to nearly 900,000 tonnes.MPOB's figures show big increases in shipments (in thousand tonnes) to thefollowing countries: Pakistan 103.2 +69.8, European Union (EU) 155.6+63.3, India 141 +57.9, China 175.3 +37.7 and Turkey 35.1 +33.3.Notwithstanding the robust October shipments, combinedSeptember-October exports at 1.55 million tonnes still show a bigcontraction of 245,500 tonnes or 13.7 percent when compared to the sameperiod last year. However, there is a 49 percent probability combinedexports in the last two months of the year will match the year-agofigures.Exports in November alone are tentatively estimated at 935,000 tonnes.Should that be realised, then we can look forward to a year-ending palmoil stock level of not more than 1.14 million tonnes. Such a stock levelmay be considered as manageable in the context of the forthcoming leanproduction period in January-March. It may also be construed as ample interms of stock-usage ratio.Palm oil stocks amounted to 1.34 million tonnes at end October. Thisis 123,400 tonnes more than month earlier but around 70,000 tonnes lowerthan a year ago and significantly below the burdensome near-record highlevel of 1.52 million tonnes at end January this year. More importantly,stocks will start to decline this month. Our tentative estimate shows amoderate drawdown of 40,000 tonnes to 1.3 million tonnes at end November.While the palm oil stocks outlook may appear encouraging, the marketshould not ignore the dismal PKO stocks situation. Continued sluggishofftake in the last four months had resulted in a continuous buildup tonew record high stocks culminating at 353,100 tonnes at end October or23,000 tonnes above our estimate. This constituted 3.28 times offtake.Inclusive of the buildup in stocks of PK, stocks of PK/PKO, oil basis,reached a burdensome new record level of 407,000 tonnes. In terms of bulkstorage tank utilisation, it is worth noting PO and PKO had taken up acombined storage space of 1.69 million tonnes at end October.There is a 50 percent chance stocks of PKO will rise further at theend of this month. In October the price of PKO in the domestic marketaveraged 10 ringgit below the price of CPO. The discount had widened to20-45 ringgit in recent weeks. With demand for PKO by oleochemicals at amaximum, this oil will have to price itself at even wider discounts if itis to see a meaningful and sustained rise in demand in the edible oilssector.CPO futures lost 77-73 ringgit over three trading days to more thanerase the gains chalked up on November 12 following the MPOB report. Thecontract February settled at 1,096 ringgit on Friday, November 16 andbrought losses for the week to 36 ringgit. However, fresh speculativebuying in the last two days enabled the market to rebound as much as 47ringgit with February contract settling at 1,143 ringgit yesterday.
28800. 24/11/2001
   
PALM OIL FUTURES -Feb (3rd mth) 1181, Open/High/Low1170/1191/1170, Prev settlement 1157PALM OIL PHYSICAL -Nov (south) 1130, Prev close 1110 , *sellers' quote
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ECONOMICS & INDUSTRY DEVELOPMENT DIVISION
Malaysian Palm Oil Board ( MPOB ) Lot 6, SS6, Jalan Perbandaran, 47301 Kelana Jaya, Selangor Darul Ehsan, MALAYSIA.
Tel : 603 - 7802 2800 || Fax : 603 - 7803 3533