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The Crude Palm Oil Futures Closing: Tuesday, October 30, 2007
(Prices are in RM/tonne)
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MONTH |
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LOW |
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Share The Story :
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Business Times
Wednesday - October 31, 2007
CPO FUTURES
Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives Bhd closed lower yesterday on profit-taking activities after strong gains on Monday, dealers said.
They said players took profits after the soyzoil and crude oil prices declined in Asian trade.
“Profit-taking emerged in the market after the soyabean and crude oil prices fell below their record highs during Asian trading hours,” a dealer said.
CPO prices were higher on Monday with the benchmark Jan 2008 contract hitting a record high of RM2,920 driven by bullish soyaoil and crude prices.
At close, Nov 2007 fell RM65 to RM2,920 per tonne, Dec 2007 declined RM59 to RM2,900, Jan 2008 edged down RM48 to RM2,862 and Feb 2008 eased RM58 to RM2,842.
Volume dropped to 12,081 lots from 16,426 lots on Monday and open interest declined to 46,199 contracts from 46,239 contracts…
Business Times
Wednesday - October 31, 2007
by Ooi Tee Ching
All states, except for Sabah,
In the first three quarters of the year,
All states, except for Sabah,
“This year, we’re going through the downcycle of palm fruit production. This is normal. It happens every few years,” Malaysian Palm Oil Council (MPOC) chief executive officer Tan Sri Yusof Basiron said.
“Next year, we should see a rebound. The trees will…
The Star
Wednesday - October 31, 2007
by Eugene Mahalingam
Shah Alam
Southern Acids (M) Bhd registered better earnings in its core operating divisions for the financial year ended Apr 30, group managing director Datuk Low Mong Hua said.
“I am pleased to report that better earnings were registered by all the operating divisions during the year,” he said in a statement after the company’s AGM yesterday.
The group’s core business divisions are the oleochemicals, plantation and healthcare divisions.
According to the group’s annual report, the oleochemical division contributed RM7.84mil, or 30.79%, of group operating profit, a significant improvement against the division’s operating loss of RM3.164mil in the previous year.
Low attributed the division’s higher profit to increasing worldwide demand for oleochemicals, which are chemicals derived from biological oils and fats.
“There is an average increase of 2% to 3% in worldwide market demand every year,” he said.
The group…
From the number, four biodiesel plants with production capacity of 300,000 tonnes per year have started operations while another six plants with capacity of 471,000 tonnes have been completed and were undergoing trial runs, he said.
Biodiesel production totalled 158,000 tonnes from August 2006 to September 2007 while exports amounted to 121,000 tonnes valued at RM304 million, he added.
Vijayaratnam said to promote the use of biofuel based on palm oil, the National Biofuel Policy has outlined five percent of biofuel usage for the transport sector.
This could help reduce the use of diesel in the transport sector, estimated at 10 million tonnes each…
Business Times
Tuesday - October 30, 2007
Malaysian palm oil stocks are expected to fall 2.4 per cent in October from a month earlier due to declining production, a Reuters poll showed today.
Stocks fell to 1.43 million tonnes from 1.46 million tonnes in September, according to a median estimate of five plantation houses polled by Reuters.
Palm oil output in
The poll showed exports are expected to slip 2.5 per cent to 1.36 million tonnes in October. - Reuters
Business Times
Tuesday - October 30, 2007
Malaysian crude palm oil futures fell 1.8 per cent today, retreating from their latest record high as soyoil and crude oil prices eased in Asian trade, spurring players to cash in profits.
Traders said the market waited for palm oil exports data for October, due to be unveiled by cargo surveyors tomorrow, to gauge the demand for the commodity.
By the mid-day break, the benchmark January contract on the Bursa Malaysia Derivatives Exchange was down RM52 at RM2,858 per tonne.
Palm oil, which struck its fourth record high at RM2,920 the previous day, has been driven by bullish soyoil and crude markets, moves by rival producer Indonesia to raise export taxes and talk of China slashing import duties for vegetable oils.
“Players were getting reluctant to trade palm oil at such high prices so the weakness in…
Malaysian government vehicles to use blend of palm oil and diesel
Bio-fuel does not produce explosive air/fuel vapour Initiatives from the Malaysian government
In an effort to kick-start the use of palm oil as a diesel substitute in a big way, the Malaysian government has initiated a voluntary programme for government vehicles to use a blend of five per cent refined palmolein with 95 per cent regular diesel. The usage of palm oil in fuel provides an opportunity for the industry to diversify, adding to its conventional supply of the narrow food system. The green fuel also sets as value-addition…
According to dealers, the rising crude oil prices was an indication of the potentially higher demand for biofuel as an alternative fuel.
As for the futures market, the January 2008 contract rose RM110 to a new high of RM2,910 per tonne.
The palm oil market reached its fourth record high in two weeks and is set to move even higher on strong global demand and supply shortfalls due to rival producer
They added that the price for palm oil was also boosted by reports that
SINGAPORE, Oct 31, 2007 (Thomson Financial via COMTEX) — Indofood Agri Resources, an Indonesian palm plantation company listed in Singapore, said Wednesday its third-quarter net profit doubled to 310.22 billion rupiah from 148.14 billion rupiah a year before, supported by strong demand and selling prices for crude palm oil (CPO).
Sales rose 39.2 percent to 1.6 trillion rupiah.
The plantation division recorded sales of 196 billion rupiah, up 29.4 percent, while the cooking oil and edible fats division had sales of 1.3 trillion rupiah, up 40 percent.
Indofood Agri said it has completed its acquisition of London Sumatra, another Indonesian palm plantation company, for 5.7 trillion rupiah.
The acquisition, along with strong global demand for CPO, particularly in