Archived News

India, the world's largest edible oil importer, raised the base importprice of crude soybean oil on Wednesday (03/03/04), a move traders saidwould firm up domestic prices and hit soybean oil imports. A FinanceMinistry notification said the price of crude soybean oil had been raisedto $710 a tonne from $643. But it left the base import price of palm oilsunchanged. Traders said that the increase in the base price of crudesoybean oil was likely to hit imports in the coming months because palmoil was cheaper. Palm oil stands to gain because the disparity in priceshas further widened with the revision of base prices.

Pakistan is expected to buy 1.4 million tonnes of palm oil this year thesame amount as 200, but soyabean oil imports could drop 20% due to highprices, according tto industry sources. RBD palm olein would make up thebulk of its palm oil imports, which came from leading producers Malaysiaand Indonesia in 2003. However soyabean oil imports from South America andother sources could drop from last year’s 126,000 tonnes, particularly ifPakistan does not receive aid or grants.

February 20 2004 - MALAYSIAN palm oil industry can increase the sales ofthe commodity by adding value to the product rather than selling it inbulk.

NEW DELHI, Feb 25 (Bernama) -- A.V. Birla Group of India is planning toexit from the rubber business in Malaysia, says a report in the financialdaily, the Economic Times, quoting senior Birla group executives.

February 25 2004 - MALAYSIA’S crude palm oil (CPO) futures prices cameclose to touching the RM2,000 mark at midday yesterday but lost its steamat the end due to profit-taking activities.

JAKARTA, Feb 25 Asia Pulse - The price of crude palm oil (CPO) in Jakartahit a record high of US$550 per ton in an auction on Tuesday. DahlanSurbakti, an official of the joint marketing office of state plantationcompanies, said reports of falling CPO supply from Malaysia and a scarcityin soybean supply to the international market triggered a surge in theprice. Surbakti said the soybean oil supply declined as a result of a longdrought in Argentina and Brazil. Malaysia and Indonesia are the largestand second largest producers of CPO in the world, respectively. (ANTARA)

February 21 2004 - MALAYSIA’S latest palm oil-related derivatives have thepotential to attract at least seven strong market makers to strengthen thenew hedging tool’s liquidity.

NEW DELHI, Feb 17 Asia Pulse - With a bumper oilseeds crop of around235,00,000 tonnes in the offing, India's edible oil imports have reportedan 8 per cent fall to 9,41,000 tonnes in November-October period from8,69,000 tonnes in the same period last year.

KUALA LUMPUR, Feb 20 (Bernama) -- Primary Industries Minister Datuk SeriDr Lim Keng Yaik says he is pushing for more palm oil-based companiesespecially market makers to participate in the new Crude Palm Kernel Oil(CPKO) futures contract launched here Friday.

DHAKA, Feb 18 (Bernama) -- Penang's Deputy Chief Minister Datuk Dr Hilmibin Yahya described his four-day visit to Bangladesh as fruitful and saidit would contribute positively to enhancing economic cooperation betweenthe two countries.

February 20 2004 - MALAYSIAN palm oil industry can increase the sales ofthe commodity by adding value to the product rather than selling it inbulk.

KUALA LUMPUR, Feb 19 (Bernama) -- Minister of Primary Industries, DatukSeri Dr Lim Keng Yaik urged palm oil producers to form a strong consortiumto "control" crude palm oil (CPO) prices in overseas market.