The Star

Tuesday - April 29, 2008

KOTA KINABALU: Police foiled an attempt to smuggle some 1.8 million kilos of crude palm oil worth RM6.93mil into the state from neighbouring Indonesia.

A police team moved in at 11pm on Sunday as the palm oil was being transferred from a boat to a lorry at the Merbung jetty in Tungku, about 100km from Lahad Datu. More palm oil was found on board a fishing trawler.

Sabah marine police chief Asst Comm Abdul Manaf Othman said it was the first time that police had intercepted a consignment of palm oil being illegally brought in.

Apart from the boat and trawler, police also seized three lorries, and three four-wheel drive vehicles believed to be used to transport the crude palm oil to processing factories in the Tungku area, he added.

Police also arrested…

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Business Times

Tuesday - April 29, 2008

CPO FUTURES

Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed mostly higher yesterday, influenced by the increasing world oil price, a trader said.

Palm oil is an alternative biofuel source which makes it a much sought after commodity amid the rising oil price.

The benchmark third-month July ’08 contract rose RM91 to RM3,510 per tonne from RM3,419 per tonne last Friday.

The trader also said he expected CPO prices to go further up due to the weakening US dollar, which has led to a commodity price rally as the weaker US dollar translates into “cheaper” prices in consuming countries.

“Commodities, including CPO, are viewed as a good hedge against the weakening US dollar currently,” he said.

The crude oil price jumped to a near US$120 per barrel yesterday due to concern of lower output from the top oil…

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Tuesday, April 29, 2008
KUALA LUMPUR: Malaysian crude palm oil futures rose 2.7 per cent on Monday as global vegetable prices gained on the back of record crude oil and a weaker ringgit versus the dollar, traders said.

The benchmark July contract on the Bursa Malaysia Derivatives Exchange settled up 91 ringgit to 3,510 ringgit ($1,111). Other traded months rose between 77 and 120 ringgit. Overall trade fell 8,660 lots of 25 tonnes each from the usual 10,000 lots.

May soyoil at the Chicago Board of Trade rose 0.71 cents in Asian trade on Monday after closing 1.20 cents weaker last week. The most-active September soyoil contract on the Dalian Commodity Exchange edged higher.

Palm oil traders pointed out that the weaker ringgit made the ringgit-based commodity more attractive to overseas buyers. Malaysian ringgit last traded at 3.1580 per dollar on Monday. Malaysian palm prices are unlikely…

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The Jakarta Post, Jakarta

As a country rich with natural resources, Indonesia is adapting to the soaring commodity prices with the hope to balance increasing profits while securing supplies for the domestic market.

One commodity seeing rapid growth globally is crude palm oil (CPO), mostly driven by demand from biofuel producers, rather than cooking oil producers.

In a bid to secure domestic supplies, the government implemented a progressive export tax in January for the commodity to keep up with increasing prices.

The export tax for CPO now stands at 20 percent from previously 10 percent in March.

For an insight on how CPO producers are adjusting to the situation, The Jakarta Post’s Novia D. Rulistia talked to Sandiaga Uno, the president director of PT Saratoga Investama Sedaya, an investment firm with a strong focus in CPO, coal, oil, gas…

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Mon Apr 28, 2008

KUALA LUMPUR, April 28 (Reuters) - Malaysian crude palm oil futures rose 1.1 percent on Monday as global vegetable prices climbed on the back of record crude oil prices, traders said.

But gains were not so strong on fears that demand for palm oil will be diverted to Indonesia after it cut its export taxes and a strong production cycle in Malaysia had already kicked in.

Palm oil prices tumbled around 23 percent from record highs last month on a bearish concoction of ringgit strength and dismal Asian demand although some traders say a recovery in buying is on the cards.

By the midday break, the benchmark July contract KPOc3 on the Bursa Malaysia Derivatives Exchange rose 39 ringgit to 3,458 ringgit ($1,097) per tonne after going as high as 3,480 ringgit.

“Any rises in palm oil…

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