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The Crude Palm Oil Futures Closing: Tuesday, 29 April 2008
(Prices are in RM/tonne)
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Business Times
Wednesday - April 30, 2008
CPO FUTURES
Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed lower yesterday as players booked profits following Monday’s run-up, traders said.
The benchmark third-month July 2008 contract dropped RM161 to RM3,349 per tonne from RM3,510 per tonne on Monday.
The traders also described today’s market as “quiet” with players staying on the sidelines and waiting for fresh leads, which included the update on exports figures from cargo surveyors.
Both Intertek Testing Services and Societe Generale de Surveillance will unveil the April export figures today.
According to one of the traders, the local market is expected to bounce back soon on speculative buying following external factors such as high crude oil prices as well as growing demand from China and India.
“Crude oil prices, which play an important role in determining vegetable oil prices, are still on the upward…
INDONESIA: Indonesia will cut the crude palm oil (CPO) export tax from 20 per cent to 15 per cent in May following a decline in the commodity price on the international market, Trade Minister Mari Elka Pangestu told local media over the weekend.
Last month, the government raised the CPO export tax to 20 per cent, as the commodity shot to US$1,395 a tonne.
The CPO export tax was introduced to safeguard the nation’s supply of palm oil in view of a global surge in CPO prices over the last year. Palm oil is widely used to fry daily Indonesian staples.
But the question going forward is whether or not the solid performance in the first quarter can be sustained in following quarters, with some analysts suggesting that the oil spike could slow demand for new cars and motorbikes.
Six analysts polled by Thomson Financial are expecting Astra to post a first-quarter net profit within a range of 1.8 trillion rupiah ($195.6 million) and 2.1 trillion rupiah, an increase of about 42 percent to 64 percent from a year ago.
In the first quarter of 2007, Astra booked a net profit of 1.28 trillion rupiah on sales of 14.73 trillion rupiah.
The same analysts are projecting a full-year net…
Edible oil prices in the Asian markets retreated sharply as traders booked profits at higher levels. With overnight steep declines in Chicago Board of Trade soy oil futures and crude oil prices pulling back at higher levels, most of the buyers have shown reluctance to place fresh bids at higher levels.
Most of the commodity traders are awaiting Wednesday’s Fed meeting. Futures markets generally expect
If there is any further cut in the interest rates, the immediate impact is expected to pressurize the U.S dollar and support the CBOT soy complex. Usually vegetable oil prices are expected to go further up due to…
JAKARTA, April 29 (Reuters) - Indonesia state oil firm Pertamina has cut the biofuel blend in diesel fuel to 1 percent from 2.5 percent as rising palm oil prices and lack of incentives have cut margins, a company official said on Tuesday.
Since the company introduced Biosolar in May 2006, it has gradually cut its biodiesel content from an initial 5 percent to 2.5 percent in 2007 for the same reason.
The government subsidises biodiesel at the same level as fossil fuels, leaving Pertamina to cover the difference when biodiesel production costs exceed fossil fuel costs.
Pertamina has cut the biodiesel blend to 1 percent since April 11, Djaelani Sutomo, the firm’s vice-president of marketing and trading, told Reuters by phone.
“Soaring palm oil prices have propelled prices of biodiesel, making them not feasible for the firm,” Sutomo said.
Crude palm oil prices have…
By Thomas Kutty Abraham
April 29 (Bloomberg) —
The nation will import as much as 6.5 million metric tons of vegetable oils in the year to October compared with 5.6 million tons a year earlier, Mistry said in a phone interview from
More demand from
The Crude Palm Oil Futures Closing: Monday, 28 April 2008
(Prices are in RM/tonne)
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MONTH |
OPEN |
HIGH |
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The Star
Tuesday - April 29, 2008
by Hilary Chiew
A plantation firm undergoes checks to verify that its operations are green.
Having palm oil production as its core business surely invites the microscope on Sime Darby Bhd’s corporate behaviour, especially now with heightened awareness of the crop’s environmental and social impacts.
However, the country’s biggest public-listed plantation company – after the merger exercise involving Sime Darby, Guthrie and Golden Hope last year – is ploughing ahead with certification of its operation under the first global initiative for sustainable palm oil, the Roundtable on Sustainable Palm Oil (RSPO).
With a total planted area of 329,470ha in
The Star
Tuesday - April 29, 2008
KUCHING:
Group revenue jumped RM19mil, or 57.7%, to RM51.9mil on higher average prices of crude palm oil (CPO) and palm kernel, it said in a statement.
It expects the group’s financial performance this year to remain stable in line with the firm CPO prices.
For the year ended Dec 31, 2007, the board has recommended a final gross dividend of 7.2 sen per share, which would involve a total payout of RM14.9mil.