CPO FUTURES

CRUDE palm oil (CPO) futures prices on Bursa Malaysia Derivatives Bhd fell yesterday on continued profit-taking and long liquidation, dealers said.

They said this was largely due to the lower crude oil and soyaoil prices as both moved in tandem and competed for similar export destination.

Another dealer said the weak buying interest was also another factor that kept the market easier, adding China was nowhere to be seen, while India was buying less.

June 2008 declined RM17 to RM3,555 per tonne, July dropped RM23 to RM3,562, August 2008 fell RM22 to RM3,565 and September 2008 decreased RM19 to RM3,570.

Volume fell to 10,496 lots from 12,013 lots Wednesday.

Open interests, however, rose to 39,294 contracts from 38,502 contracts previously.

On the physical market, June South was lower at RM3,590 per tonne from RM3,700 Wednesday.

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MUMBAI: Oil palm planters will have to continue paying cooking oil cess despite the government having earlier said the imposition will last for a year at the most.

“We have a cess order still in place, which does not expire on May 31. Until and unless it is de-gazetted, the cooking oil cess collection will go on,” said Plantation Industries and Commodities Minister Datuk Peter Chin.

He was speaking to reporters after officiating at the launch of the Malaysia-India Palm Oil Trade and Seminar (POTS 2008) held here yesterday.

Also present were Malaysian High Commissioner to India Datuk Tan Seng Sung, Malaysia Consul General in Mumbai Wan Zaidi Wan Abdullah, Malaysian Palm Oil Board (MPOB) chairman Datuk Sabri Ahmad, MPOB director general Datuk Basri Wahid and Malaysian Palm Oil Council chief executive officer Tan Sri Yusof Basiron.

The government collects the cess from planters to…

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VIENNA (AFP) — About 25 Greenpeace activists, some dressed as orangutans, blocked an OMV petrol station in Vienna Thursday, accusing the Austrian oil and gas giant of destroying the rainforest to make agrofuel.

A few of them brandished placards that read “OMV: no rainforest in the fuel tank.”

“Whoever fills up at OMV is destroying up to ten square metres of rainforest,” Jurrien Westerhof, an energy expert with Greenpeace Austria, said in a statement.

Greenpeace said fuel samples taken from OMV petrol stations had been found to contain soya and palm oil from Latin America and South East Asia.

“That shows a direct link between OMV agrofuel and the clearing of rainforests to set up plantations for palm or soya oil,” said Westerhof.

However OMV denied the charge and said it had invited Greenpeace to a meeting next week to discuss…

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MUMBAI, May 29 (Reuters) - Malaysia plans to build a stockpile of 500,000 tonnes of rice for food security and is keen to import the staple from India and supply palm oil in a barter deal, a minister said on Thursday.

Peter Chin Fah Kui, Malaysia’s minister of plantation, industries and commodities, told a conference in Mumbai he was likely to meet Indian Farm Minister Sharad Pawar to discuss a possible deal.

“We are in short supply of rice, our staple diet, and the prices are rising,” he said. “Barter is a possibility. Government to government deal is another possibility.”

India imports about 40 percent of its edible oils, buying palm oil from Malaysia and Indonesia and soyoil from Brazil and Argentina.

In March, India banned exports of most varieties of rice to ensure…

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MUMBAI, May 29 (Reuters) - India’s vegetable oil imports may rise over 12 percent to touch 6.5 million tonnes in the financial year 2008/09, as domestic consumption remains steady even at higher prices, a senior industry official said on Thursday.

“India may import 6.5 million tonnes in 2008/09,” said Dorab Mistry, a top edible oil industry analyst, who handles vegetable oil buying and trading for Indian firm Godrej.

Mistry said India imported about 5.8 million tonnes of oil in the year ending March 2008.

India annually consumes about 13 million tonnes of vegetable oils and imports about 40 percent of its annual requirement in the form of palm oil from Indonesia and Malaysia and soyoil from Argentina and Brazil.

Prices of both the edible oils have risen sharply in last one year to touch…

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29 May 2008 - Global palm oil output is expected to climb to a record 42 million tonnes this crop year, according to a new FAO report.

Malaysian palm oil production is estimated to rise by 9%, thanks mostly to yield improvements, whilst Indonesian palm oil output is seen to grow 11%.

Exports from Indonesia and Malaysia are expected to exceed 14 and 15 million tonnes, respectively.

Asian palm inventories could approach 5 million tonnes, up 16% on the 2006/2007 season.

The 2008/2009 crop year should see a further increase in palm oil production in mature oil palm areas, adds the report.

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28 May 2008 - The first food made with palm oil from certified sustainable sources will arrive on Sainsbury’s shelves today.

The first food containing certified sustainable palm oil will be Sainsbury’s ‘basics’ fish fingers, a firm family favourite and available for only 49p. The packs of ten fish fingers, which are also made from MSC (Marine Stewardship Council) fish mark a major achievement by the supermarket which aims to be the first retailer of scale to use only 100% sustainable palm oil in its food.

As well as launching the Basics fish fingers in 280 stores across the UK, Sainsbury’s also pledges to convert all its own brand products to using only sustainable palm oil by December 2014.

Extending the use of sustainable palm oil beyond food, Sainsbury’s also pledges that by August 2008, it will be the first supermarket to use…

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MUMBAI, May 29 (BERNAMA) — To stem the declining trend of palm oil exports to India, Malaysia has proposed to Indian investors to jointly focus on palm oil downstream activities, rather than merely importing the commodity.

Malaysia is the second largest palm oil producer in the world, with 15.82 million tonnes last year, while India is becoming a major buyer of the commodity, with imports swelling from 1.46 million tonnes a decade ago to 3.69 million tonnes last year.

But, India’s procurement from Malaysia dipped sharply over the last six years, from 2.3 million tonnes earlier to only 510,000 metric tonnes last year.

“There are opportunities to better the situation now if we have strong linkages or joint ventures with Malaysian companies to do downstream products or refinery. These are areas that will create new opportunities rather than…

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PALM OIL PRICES ON BURSA MALAYSIA DERIVATIVES BHD
Thursday, May 29, 2008
Source from The Star

The Crude Palm Oil Futures Closing : Wednesday, 28 May 2008

(Prices are in RM/tonne)

MONTH

OPEN

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Business Times

Thursday - May 29, 2008

CPO FUTURES

Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives ended easier yesterday on profit-taking after five days of gains, dealers said.

An easing crude oil price and lack of demand also kept the market easier. The benchmark August contract settled RM143 ringgit lower at RM3,587 per tonne.

“Today’s downtrend is very much related to crude oil. Also, there was no big demand to support the CPO prices as China and India remained quiet,” one of the dealers said.

As for the CPO contract prices, June 2008 and July 2008 went down RM140 each to RM3,572 per tonne and RM3,585 per tonne respectively, August 2008 fell RM143 to RM3,587 per tonne and September 2008 dipped RM148 to RM3,589 per tonne.

The day’s volume was higher at 12,013 lots from Tuesday’s 8,486 lots while open…

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