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News 28961 to News 28970 of about 29523 news within page 2897
28961. 29/12/2001
KUALA LUMPUR, Dec 21 (Reuters) - CPO production fell 6.7 percent or76,400 tonnes to 1.065 tonnes in November.The decline was 20,000 tonnes less than our estimates.Production dropped 11.2 percent or 78,600 tonnes to 625,200 tonnes inPeninsular Malaysia. East Malaysia in contrast registered a marginalincrease of 0.6 percent or 2,200 tonnes. This was contributed entirely bySabah, where production peaked at 373,800 tonnes or 10,000 tonnes morethan October.On an annual basis, production in the country contracted 8.6 percentor 100,000 tonnes. This was due solely to a 106,600 tonnes contraction inPeninsular Malaysia. For the 11 months ended November, production amountedto 10.855 million tonnes. This represents a growth of 9.7 percent over thecorresponding period of last year.We tentatively estimate output in December to record a month-on-monthdecline of around 180,000 tonnes or 17 percent. The margin of error forDecember could turn out to be larger than normal because of uncertaintieson the decline in the number of working hours arising from the Hari RayaAidil Fitri/Christmas holidays and monsoon rains in East Malaysia.PO offtake in November exceeded our estimate by 30,000 tonnes when itreached 1.13 million tonnes, or 85,000 tonnes more than October. This wasdue to stronger than expected PO exports of 982,941 tonnes, an increase of81,400 tonnes over October and 85,300 tonnes more than a year earlier.The November exports are the highest so far this year -- most likelyfor the whole of this year -- and exceeded the previous high of 978,143tonnes posted in March but fell somewhat short of the all-time-record of1.005 million tonnes registered in October last year.The MPOB reported exports to India and Pakistan rose 42,300 tonnes and15,900 tonnes to 182,800 tonnes and 119,100 tonnes respectively inNovember.The two other major buyers, the EU and China, reduced their offtake by8,600 tonnes and 25,900 tonnes to 143,200 tonnes and 136,600 tonnesrespectively.Surveyors figures also show a hefty shipment of 45,000 tonnes toNigeria. This raised Nigeria's offtake so far this year to around 75,000tonnes compared to 85,200 tonnes in 2000. Equally significant andnoteworthy, three times in the last 12 months when monthly exports surgedto or near a million tonnes, the following months will see a big drop of100,000-120,000 tonnes. It would not surprise us if exports this monthfollow the pattern. We tentatively estimate exports to drop some 115,000tonnes this month.PO stocks dropped moderately by 43,500 tonnes to 1.294 million tonnesat the end of November or 16,000 less than our estimate. CPO stocks fell28,900 tonnes to 748,900 tonnes while PPO stocks were down 14,600 tonnes.We maintain our estimate that PO stocks will be drawn down to around1.16 million tonnes at the end of December this year.A drop in PKO output of 10,400 tonnes helped to avert stocks of theoil reaching our estimate of 370,000 tonnes. MPOB reported PKO stocks rosea mere 284 tonnes to 353,345 tonnes at end-Nov. Total of stocks PK/PKO,oil basis, were also practically unchanged at 407,100 tonnes. The price ofPKO meanwhile widened its discount to CPO in the domestic market to around100 ringgit on Mon-Wed this week.Given that the near-term fundamentals of PO and, to some extent, ofglobal oils and fats have not changed much in recent weeks, it is no realsurprise the trading range of PO this week is quite similar to thecorresponding period of last month. Likewise for SBO, China has formallyjoined the WTO on December 11. While the agreed-upon significantly highertariff-rate quotas (TRQs) for imports of PO and other oils for 2002 willsoon be issued, one should not hastily assume Chinese importers will rushto fully utilise the quotas.
28962. 29/12/2001
KUALA LUMPUR, Dec 26 (Reuters) - Malaysian palm oil futures extendedgains on market-friendly exports data, but some players were cautious asthe market was scheduled to switch to screen-based trading later thisweek, traders said on Wednesday.At the close, the benchmark third-month March futures closed 24ringgit up at 1,170 ringgit ($307.89) a tonne, just below key resistanceof 1,180. Volume was slow at 649 lots."A lot of people don't want to take new positions because they have noidea how this electronic trading will affect the market," said one traderin Kuala Lumpur.An official at the Malaysian Derivatives Exchange (MDEX), which tradespalm oil futures, said the market would abandon the open cry system andswitch to screen-based trading starting on Friday."It is confirmed the electronic trading will start on Friday. I thinkit should be okay because we have conducted a lot training and all that,"he said.Traders said the market was comfortable with the exports data forDecember 1-25 which cargo surveyor SGS put at 804,352 tonnes, slightlydown from 891,397 tonnes in November 1-25.They said the data was encouraging because it showed a significantjump in exports between December 20 and 25, adding that exports couldreach 900,000 tonnes in the whole of December.SGS put December 1-20 exports at 578,143 tonnes.Separately, traders said China has almost used up its palm oil importquotas for 2001, but lack of official word from Beijing on next year'squotas is keeping market in the doldrums.China, one of the world's major palm oil buyers, is set to import 2.4million tonnes of palm oil in 2002, up sharply from this year's 1.4million following its entry to the World Trade Organisation (WTO).Between 5,000 and 10,000 tonnes were still available from this year'squota, traders said. In the absence of other market-moving news during thecurrent holiday season, any clues on China purchases would help set themarket tone."We all agree the current quota is almost used up. The remainingamount is so insignificant that it's not worth mentioning," said onetrader who deals with Chinese buyers."We don't know when China is going to issue the quota. But Iunderstand China will not roll over the unfinished quota into next year,"he said.At the physical market, January crude palm oil (CPO) for southern andcentral regions was bid at 1,120 ringgit a tonne and offered 1,130ringgit.Deals were reported at 1,130 ringgit for south.
28963. 29/12/2001
Saturday, December 29, 2001 - THE Malaysia Derivatives Ex change (MDEX)began its first day of fully electronic trading yesterday.MDEX said in a statement that it ended open outcry floor trading onThursday and commenced electronic trading yesterday for the Crude Palm OilFutures and 3-month Klibor Futures.“The full range of MDEX products, including KLSE CI Futures and Optionscontracts are electronically traded,’’ it said.At closing yesterday, MDEX registered 231 contracts on the 3-month KliborFutures, 891 contracts on the KLSE CI Futures and 460 contracts on theCrude Palm Oil Futures.MDEX chairman, Abdul Jabbar Majid said the successful migration intoelectronic trading was another significant achievement in the developmentof MDEX as a comprehensive derivatives exchange.“Going fully electronic is indeed an important step for MDEX to enhanceefforts in providing efficient and cost-effective services for all itsmembers and investors,’’ he said. “This development also expands thecapability of MDEX to offer a wider range of products and services, thuscontributing to a higher degree of competitiveness for MDEX as acomprehensive derivatives exchange.’’ – Bernama
28964. 29/12/2001
KUALA LUMPUR, Dec 25 (Bernama) -- Sandeep Bajoria, the past president ofthe Solvent Extractors Association of India (SEA), wants New Delhi toimpose fairer duties on all edible oils. Currently, soya oil is slappedwith an import duty of 45 percent while crude palm oil attracts a duty of65 percent in India.
28965. 29/12/2001
KUALA LUMPUR, 26 DEC,2001 (BUSINESS TIMES) - TRADERS and industry insidersare doubtful that China will import the 2.4 million tonnes of palm oil ithas pledged next year as the country’s purchase will largely be determinedby the price factor from now onwards.Although China’s entry into the World Trade Organisation (WTO) will allowa bigger intake of Malaysian crude palm oil (CPO) into the country,competition from other edible oils will also become more stiff andMalaysia should be mindful of this development, they said.“It will all depend on price competitiveness; whichever oil that iscompetitive for them, they will import it,” an industry insider toldBusiness Times.According to a news report last week, Malaysia expects China to announcein early January a quota for imports of CPO in 2002, following Beijing’sentry into the WTO on December 11 this year.Primary Industries Minister Datuk Seri Lim Keng Yaik was quoted as sayingthat under the WTO, China has committed to import at least 2.4 milliontonnes of palm oil next year but it could take more with encouragementfrom Malaysia and Indonesia, the world’s two largest producers.“I don’t think China will import more than that,” a CPO dealer said.“The 2.4 million tonnes import quota does not necessarily mean China willimport more palm oil. You have to remember that there is also a 2.5million tonnes import quota for soya oil,” he said.According to trade sources, as a result of trade liberalisation and theestimated increase in domestic consumption, China’s import of edible oilscould be in the range of more than four million tonnes by 2005.Palm oil is expected to account for about two million tonnes of the total,should the price difference between soyabean oil and palm oil remainsmall.Between January and November this year, China has bought 1.12 milliontonnes of palm oil from Malaysia, making it the second largest buyer afterIndia. The country bought 1.02 million tonnes of palm oil from Malaysialast year.Meanwhile, industry insiders were pessimistic that the Government’s oilpalm replantation scheme — which has recently been extended for anothersix months until June — will attract favourable response from growersfollowing the significant increase of CPO prices over the last few months.Under the scheme, which was launched early this year, the Governmentoffers oil palm growers RM1,000 cash for each hectare they cut down andreplant.The scheme was aimed at reducing the country’s CPO output, thus pushing upthe commodity’s prices which had been hovering around RM750 a tonne atthat time.However, CPO palm oil prices have since improved by nearly RM400 a tonneor 50 per cent, hence offsetting the incentives offered under the scheme.“It doesn’t make sense for them (oil palm growers) to replant their cropbecause they are now getting enough returns for whatever they areproducing,” a trader said.“Unless the Government starts forcing them to do so, not many of themwill,” he added.An industry observer said cutting down oil palm crop will only serve as a “quick fix” solution for the oversupply situation because once thereplanted trees are all grown up and mature, the same problem will onceagain reappear and repeat its vicious cycle.It has been reported that despite the economic crisis in 1997, Malaysiahad expanded its oil palm plantation area by 150,000ha to 200,000ha a yearand as a result, the country’s production figure is expected to continueto grow over the coming years.“We got into this problem because we expanded (the crop planting) veryfast,” he said.“If we can cut the trees today, in three to five years we will have thesame glut again... unless we are ready to absorb them (CPO) and notproduce more,” he said.Under the Government’s replantation scheme, the target was to cut down200,000ha of oil palm but so far, only 44,000ha have been cleared.The Government had forecast that land given over to oil palm would total3.5 million ha in 2002.
28966. 28/12/2001
Thursday, December 27, 2001 (TheStar) - THE palm oil industry sees betterprospects next year as its fundamentals remain intact – in particular,strong anticipation of higher crude palm oil (CPO) prices boostingearnings of plantation companies, and market talk that new World TradeOrganisation (WTO) member China plans to raise its palm oil import quotain 2002.Market players and analysts are highly optimistic the average CPO pricenext year will likely be around RM1,100 to RM1,150 per tonne, in contrastwith the difficult times this year when the price plunged to a year’s lowof RM663 per tonne in February. Prices have since recovered to aboutRM1,100 per tonne currently.They expect the MPOB's weighted average price for CPO this year to be atRM950 per tonne.PPB Oil Palms Bhd executive director and chief operating officer Khoo KheeMing said: “We look favourably to the CPO price remaining at the currentlevel of RM1,100 per tonne or perhaps better next year as, fundamentally,the situation has indeed improved with higher demand against weaker supplyin the final quarter of this year.’’He expressed confidence that next year “this most badly affected industry”would be able to reap the benefits of the cost-cutting exercises justundertaken.A spokesperson for a leading oil palm plantation company said: “Thedetermining factor for the pricing of CPO next year lies in the policiesand approaches to be undertaken by major importers, particularly China andIndia.’’She said she believed the inclusion of China as a member of the WTO wouldhave a major impact.Instead of its previous passive stance of having a fixed quota valid for acertain period (i.e. every three months), she sees China becoming anactive player, sourcing from various palm oil markets as and when itrequires the commodity.“Personally, I believe this would lead to lesser volatility in the marketand result in the price of CPO strengthening and stabilising in the nearfuture,’’ she said, adding that CPO sellers also expected the market to bebullish next year.“Of late, buyers from China |and India were believed to be asking forprompt oil, which could lead to shipment of oil in the immediate monthssuch as December this year and January next year.’’On the local front, KAF Research plantation analyst Noor Azwa Mohd Noorsaid the market scenario seemed fundamentally sound, with Malaysia’s palmoil production seen declining by 2.1% next year (against an estimated 8.9%growth in 2001), underpinned by continued replanting as well as theexpected tree stress period, which occurs every three to four years.There is also the possibility of weather changes due to the El Nino effectcausing a further reduction in production next year.Palm oil production for this year is estimated at 11.7 million tonnes.The US Department of Agriculture also forecast a tightening edible oilstocks scenario next year, led |by a slowdown in the rate of palm oilproduction.On the demand side, Azwa said she expected China, which is seen increasingits import quota of palm oil by 71% to 2.4 million tonnes next year, toemerge as Malaysia’s biggest palm oil buyer.KAF Research forecasts the |average CPO price at RM1,150 per tonne nextyear and RM1,200 per tonne in 2003.Azwa pointed out that since |1990, there were two occasions when the CPOprice increased by more than 20% year-on-year – in 1994 |and 1998.In both these years, plantation stocks outperformed the KLSE CompositeIndex (CI).If history repeats itself, she added, “plantation stocks should|outperform the CI next year.’’KAF Research’s top plantation picks are IOI Corp Bhd and PPB Oil Palms.
28967. 26/12/2001
CHENNAI, INDIA (Business Line) Dec. 14. - MIXED cropping, increasingproductivity, on-farm processing, value added products diversification andmarketing are key to survival of coconut farmers and processors in thecompetitive environment, according to Dr P. Rethinam, Chairman, CoconutDevelopment Board (CBD) and Executive Director Designate, Asian andPacific Coconut Community, Jakarta.
28968. 26/12/2001
NEW DELHI, Dec 13 (Bernama) -- India's edible oil industry is to explorethe possibilities of collaboration with Malaysian Palm Oil PromotionCouncil (MPOPC) in the field of technology transfer and joint ventures inpalm cultivation and processing.
28969. 26/12/2001
KUALA LUMPUR, Dec 24 (Bernama) -- As the world's largest producer of palmoil, Malaysia has the potential to export more crude palm olein to India,said the immediate past president of the Solvent Extractors Association ofIndia (SEA) Sandeep Bajoria.
28970. 26/12/2001
KUALA LUMPUR, Dec 19 (Bernama) -- The cooperation between Malaysia andIndia in the palm oil sector will receive a boost with the arrival hereWednesday of a 24-member delegation from the Solvent Extractors'Association of India (SEA).
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Malaysian Palm Oil Board ( MPOB ) Lot 6, SS6, Jalan Perbandaran, 47301 Kelana Jaya, Selangor Darul Ehsan, MALAYSIA.
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