MULTAN: Pakistan Vanaspati Manufacturer’s Association (PVMA), Multan Chapter, on Tuesday demanded of the government to rationalise the customs duty and other taxes on imported edible oil in the annual budget 2008-09 in accordance with the increase/decrease in their prices in the international market.

Talking to the newsmen, the spokesman of PVMA proposed the government to levy regulatory duty instead of present fixed customs duty on imported edible oils which should increase/decrease in proportion to the changes in the price of imported edible oils in the international market.

He said the ghee and oil prices were out of reach of common person and demanded that the government should reduce sales tax and duties in the annual budget 2008-09 so that prices might come down.

Presently, he said the total duties/taxes paid by vanaspati manufacturers were around Rs 26,000 per tonne. The PVMA proposed the government…

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Italy, International — The Italian football team apparently love nothing better than a nice dollop of Nutella spread over their bread for breakfast – “breakfast for champions” according to Nutella, the official sponsors for the national team. But what else do Nutella’s owners, the Italian company Ferrero – official sponsor of the entire Euro 2008 Championship - support?

Nutella – a hazelnut-based sweet spread - is immensely popular in Italy, as well as the rest of Europe and around the world. Its exact ingredients are, as you might expect, are a closely guarded secret, but according to two laboratories that analysed the spread for Greenpeace, it is composed of 31% vegetable oils, most of which is palm oil.

Aside from pushing species, such as the orang-utan of Borneo, Indonesia, to the brink of extinction, the destruction of the world’s…

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Greenpeace demonstrators dressed as orang-utans emerged in several places along the Länsiväylä motorway west of Helsinki on Wednesday morning, protesting the use of tropical palm oil in Neste’s new diesel fuel.
The protesters, carrying banners, were seen at least on the light traffic route after the junction of Haukilahti in Espoo, as well as in Helsinki’s district of Ruoholahti at the end of the motorway. One orange-clad demonstrator was also spotted on the bridge crossing the Ring Road II in Espoo.
The Espoo Police Department recorded several calls relating to the demonstrators, and went to discuss with the activists. The demonstrations were peaceful and did not disrupt the busy morning traffic.
The environmental activists have held several demonstrations expressing disapproval of Neste’s use of palm oil as a raw material for diesel fuel.
A few weeks ago Greenpeace demonstrators placed locks…

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28 May 2008

INDONESIA and Malaysia have long denied that their tropical forests are being burned to make way for lucrative palm oil plantations. It seems they’ve been lying through their teeth.

Between 1990 and 2005 palm plantations rocketed by 1.87 million hectares in Malaysia and by more than 3 million hectares in Indonesia. With the help of data from the UN Food and Agriculture Organisation, Lian Pin Koh at the Swiss Federal Institute of Technology in Zurich and David Wilcove of Princeton University found that more than half the palm plantations came at the expense of forests - largely pristine, intact forest in Indonesia and previously logged forest in Malaysia. The rest of the expansion covered pre-existing cropland.

The European Commission is drafting a law to ban imports of palm oil…

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Wed May 28, 2008

MUMBAI, May 28 (Reuters) - Indian oilseed futures eased on Wednesday tracking weak palm oil futures in Malaysia, and on profit-taking, analysts said.

Rapeseed and soybean are crushed to obtain edible oils like rapeseed oil and soyoil, which competes with palm oil.

Palm oil August futures KPOQ8 on Bursa Malaysia Derivatives Exchange fell 3.83 percent to 3,587 ringgit due to weak crude oil.

Arrivals in Rajasthan were at 60,000-80,000 bags of about 85 kg, almost the same as on the previous day.

Rapeseed is the main winter-sown oilseed crop, and the arrival of the crop has now started to wind down.

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PALM OIL PRICES ON BURSA MALAYSIA DERIVATIVES BHD
Wednesday, May 28, 2008
Source from The Star

The Crude Palm Oil Futures Closing : Tuesday, 27 May 2008

(Prices are in RM/tonne)

MONTH

OPEN

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Business Times

2008/05/28

CPO FUTURES

CRUDE palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed higher yesterday as soyoil markets began to rally amid weather concerns and an increasing crude oil price, dealers said.

They said US and China’s Dalian soybean oil markets gave support to CPO price.

“There is nothing much happening in the market. The fact is the weather and the rising demand have forced commodities prices to continue to rise over the week,” one of the dealers said.

As for the CPO contract prices, June 2008 increased RM42 to RM3,712 per tonne, July 2008 rose RM55 to RM3,725 per tonne, August 2008 added RM57 to RM3,730 per tonne and September 2008 went up RM63 to RM3,737 per tonne.

The day’s volume stood at 8,486 lots, down from Monday’s 8,638 lots, but open interest rose to 36,328 contracts…

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Monday, 26 May 2008

WAH Seong Corp Bhd, a pipe-coating specialist, said its first quarter net profit surged 61 per cent due to lower tax expenses.

The group is confident that its oil and gas, and industrial services units, will continue to register overall improvements for the rest of the year.

Oil prices have stayed high and this is expected to increase activities in deepwater exploration in Malaysia and worldwide.

“In the light of this industry outlook, the group anticipates that the business units in the oil and gas division will perform favourably,” it told Bursa Malaysia in an announcement yesterday.

Meanwhile, its industrial services division is also expected to perform well in view of increasing infrastructure investment in Malaysia and the region. It makes steel pipes and other building materials.

In addition, the continuing robust demand…

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Wednesday, May 28, 2008
KARACHI: Maersk Carolina carrying containers was allotted berth at Qasim international container terminal on Monday.

Meanwhile two more ships, Earth Song and Navajo Spirit with palm oil and crude oil also arrived at the outer anchorage of Port Qasim (PQ) during the last 24 hours.

Berth occupancy remained at the Port at 50 per cent on Monday where a total of five ships Maersk Carolina, Shad Wan Island, Wales-II, Jorita and Nord Vision were occupied at PQA berths to load, offload containers, cement, coal, and iron ore respectively.

A cargo volume of 47,873 tonnes comprising 28,144 tonnes import cargo and 19,729 tonnes export cargo, inclusive of containerised cargo carried in 1,906 containers (Boxes), was handled at the Port during reporting period.

Al-Slam-II and Maersk Carolina sailed out to sea during the last 24 hours. Three vessels, Maersk Damietta,…

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Commodity Online
JAKARTA: Rising demand for biofuel, increase in exports from China and India are driving up crude palm oil prices. Chinese and Indian imports this year are already up 26 per cent and 17 per cent respectively compared to corresponding period in 2007.

A leading industry analyst has predicted that CPO prices should rise 10 per cent by the end of June and more than 20 per cent by next February on the back of strong demand, tightening supply and buoyant crude oil prices, Financial Times reported.

Vegetable oil prices started tracking crude oil prices in 2007 after years of moving in the opposite direction.

The paper quoting Dorab Mistry, director of Godrej International, a London-based trading company, forecasted the benchmark palm oil futures on Malaysia’s derivatives exchange could hit M$4,000 ($1,245) by the end of June and M$4,500 by February the be…

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