Business Times

Tuesday - October 30, 2007

CPO FUTURES

Crude palm oil futures prices on Bursa Malaysia Derivatives Bhd closed yesterday at a new record high, backed by strong soyoil and crude oil prices, dealers said.

They said that palm oil prices are widely expected to push well over RM3,000 per tonne amid the continued bullish factors.

At the moment, prices are rising and expected to continue rising, one of the dealers said.

“The market was also up due to the upward performance of the Chicago Board of Trade (CBOT),” he said.
Soyaoil futures at the CBOT hit a 32-year high last Friday.

On the local front, spot month November 2007 rose RM88 to settle at RM2,985 per tonne, December 2007 added RM112 to RM2,959 per tonne, January 2008 gained RM110 to RM2,910 per tonne and January 2009 increased RM130 to RM2,900 per tonne.

Volume dropped to 16,426 lots…

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The Star

Tuesday - October 30, 2007

by Leong Hung Yee

Kuala Lumpur

Synergy Drive Bhd, which will be listed on Nov 30, is expected to see continued strong interest, analysts said.

With an estimated market capitalisation of over RM50bil, Synergy Drive will be the world’s biggest oil palm plantation group in terms of production.

In a statement yesterday, Synergy Drive said it would assume the listing status of Sime Darby Bhd and would be issuing up to 6,024.4 million ordinary shares of 50 sen each to entitled shareholders of Golden Hope Plantations Bhd, Guthrie Ropel Bhd, Highlands & Lowlands Bhd, Kumpulan Guthrie Bhd, Mentakab Rubber Co (Malaya) Bhd, Sime Darby, Sime Engineering Services Bhd and Sime UEP Properties Bhd at the entitled shareholders’ election.

The election will close on Nov 16. The prospectus and enclosed election notice were despatched to more than…

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Business Times

Tuesday - October 30, 2007

by Zaidi Isham Ismail

Executive chairman says hitting a net profit of RM1.8 billion in 2008 as forecast by Reuters Estimates is not only achievable, but IOI can go well beyond that

IOI Corp Bhd, Malaysia’s most valuable plantation firm, expects to set another record year in 2008, riding on strong crude palm oil (CPO) prices, robust property sales and growing oleochemical demand.

The group reported a 78 per cent surge in net profit to a record RM1.4 billion in the year ended June 2007, on the back of a record RM8.9 billion revenue.

About half of its earnings is derived from plantations, followed by property (30 per cent) and manufacturing activities (20 per cent).
“We already achieved a record year in 2007, and it looks like we are set for another record year next year,”…

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BURSA MALAYSIA DERIVATIVES BHD
Tuesday, October 30, 2007
Source from The Star

The Crude Palm Oil Futures Closing: Monday, October 29, 2007

(Prices are in RM/tonne)

MONTH	OPEN	HIGH	LOW	SETT	Vol	O.P
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MUMBAI: A surge in global vegetable oilseed and oil prices along with a good domestic kharif oilseed projections may keep the vegetable oil imports subdued in 2007-2008. The total vegetable oil imports in the year ended October, are estimated at 56.5 lakh tonnes against 54.2 lakh tonnes in 2005-2006.

Globally palm oil is following the rising crude oil and soya oil prices and on Monday the benchmark January contract on Bursa Malaysia Derivatives Exchange rose 4.3% to 2,920 ringgit ($875) per tonne settling at 2,910 while crude oil for December delivery rose as much 1.4% to an all-time high of $93.18 a barrel in after- hours electronic trading on the New York Mercantile Exchange.

Amol Tilak, an analyst with Kotak Commodity said till crude oil prices rise vegetable oil prices will rise despite good domestic crop estimates.

Local soyabean prices in Indore since last one…

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The Star

Tuesday October 30, 2007

By KATHY FONG

PUTRAJAYA: IOI Corp Bhd, which is in the midst of finalising an asset acquisition, expects to post another record net profit for the current financial year ending June 30, 2008 (FY08) of more than RM1.8bil, said executive chairman Tan Sri Lee Shin Cheng.

Lee said it had sold forward half of the crop production volume at the average price of RM2,500 per tonne, compared with RM1,700 per tonne in FY07.

“The RM800 jump in CPO (crude palm oil) price per tonne should be an indicator that the group would not only sustain its earnings growth, but also improve further,” he said.

“FY07 was a record (profit) year. This financial year (FY08) will be another record,” Lee added.

IOI Corp posted a net profit of RM1.48bil in FY07, up 79% from RM829mil in FY06. Revenue grew…

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The Business Times

Monday October 29 2007

MALAYSIAN crude palm oil futures surged to a fresh record high today as hot soyoil and crude oil prices fuelled the market, traders said.

Palm oil, which struck its fourth record high in two weeks, is set to move even higher on strong global demand, a supply shortfall, moves by rival producer Indonesia to raise export taxes and talk of China slashing import duties for vegetable oils.

The benchmark January contract rose as much as RM86, or 3.1 per cent, to RM2,886 per tonne by 0742 GMT.

“The market is treading into no-man’s land, it is going to be difficult to predict what will happen next,” said a dealer with a foreign trading firm. “Nobody knows when the axe is going to fall.”

And palm oil prices reaching RM3,000 a tonne would not be a problem, said the chairman of…

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