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Malaysia plans to buy crude palm oil: Indonesia
calendar12-03-2003 | linkNULL | Share This Post:

JAKARTA (March 12 2003) : Malaysia plans to buy up to 100,000 tonnes permonth of Indonesian crude palm oil (CPO) and re-sell it due to tightdomestic output, a leading Indonesian palm oil industry official said.

Indonesian Palm Oil Producers Association (Gapki) chief Derom Bangun toldReuters in an interview late on Monday that Malaysia wanted to purchase10,000 tonnes of CPO a month and gradually increase that to 100,000tonnes.

"Malaysia wants to buy Indonesia's CPO as its demand exceeds the output,"he said, adding that Indonesia had not yet given any response.

"They want to buy from Indonesia and the volume is up to 100,000 tonnesper month."

Malaysian refiners often buy CPO from Indonesia, which is selling palm oilat a discount of between $5 and $10 a tonne in the international market,when local stocks are tight and demand for refined products are on therise, traders said.

Malaysia, the world's largest palm oil producer, jealously guards its CPO,keeping it mainly for local refiners to ensure a viable downstreamindustry, but local supplies normally fall when oil palm was entering acycle when they produce less fruits.

Malaysia mostly exports refined products, such as RBD palm olein, whileIndonesia mainly exports crude palm oil.

Indonesia, the world's second-largest palm oil producer, is projected toproduce 9.6 million tonnes of palm oil in 2003, up from 9.0 million lastyear.

Domestic consumption runs at 3.5 million tonnes per year.

Indonesia's CPO prices have fallen sharply from $460 a tonne, on acost-insurance-freight (CIF) basis in early January to $402.50 a tonne,CIF Rotterdam basis, on Monday.

Derom said the uncertainties of a possible war in Iraq had been the mainfactor behind plunging prices, adding that many countries had overboughtin early February and now the market had turned quiet.

Derom said prices would likely rise by the end of the month as stocks inIndia were very low.

"I think India would start to buy soon, and its lower output would likelyboost prices at the end of the month."

On Monday, India's oilseeds output in 2002/03 (November-October) was seendown by 20 percent due to lack of monsoon rains.

Derom said Indonesia would continue to promote CPO abroad and expand itsmarket following production increases in the future.

"Indonesia would maintain exports and sell at whatever price the marketoffers."

Indonesia expects to export more than six million tonnes of palm oil thisyear, up from 5.6 million tonnes in 2002.-Reuters

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