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CPO futures end higher on worries over weaker palm oil production
CPO prices set to trade between RM3,800 and RM4,200 per tonne in 2H2024, says MPOC
Palm oil set to rise in 2H as La Nina poses supply risk
CPO prices stay above RM4,000 for second straight day
Indian Edible Oil Prices Lower On Global Trends, W
New Delhi, May 14 (Dow Jones) - India's edible oil prices fell in theweek to Friday tracking international prices and low domestic demand."The week was quite volatile with prices rising early in the week butlosing in the later half of the week as international markets turnedweak," said a trader.Traders added the market was currently well-supplied with oils andthere was not much appetite for more buying.The mustardseed arrivals too have slowed down to around 30,000 metrictons a day, but traders said that the arrivals may increase once electionsin India get over."Traditionally, market activities in India get disrupted onceelections loom on the horizon, since many traders may become active inpolitical activities, but after elections mustarseed arrivals may pick upagain," said a trader.India's national elections begun on April 20 and will conclude May 10.They are being conducted in several phases across the country.India's bumper mustardseed crop was harvested in April.Traders said that India's edible oil imports this month may rise toaround 350,000 tons after falling to around 230,000 tons in April.The markets are widely expected to trade flat to lower in the comingweek as soy oil and palm oil are not seen firming up much in theinternational markets.Friday, crude soy oil at Indian ports were $625/ton lower than$636/ton last week. Sunflower oil quoted $655/ton compared with $665/tonlast week.
ODJ Thai Jan-Mar Palm Oil Exports At 37,379 MT,Vs
Bangkok, May 13 (Dow Jones) - The following table shows Thailand's palmoil exports in the January-March period, compared with the same period ayear earlier. The figures are from the Office of Agricultural Economics attheMinistry of Agriculture and Cooperatives. The quantity is in metric tons,and the value is in million baht ($1=THB40.488).
REVISION OF EDIBLE OILS BENCHMARK PRICE OVERDUE
New Delhi, May 13 (Dow Jones)India's benchmark import price of palm oil was last revised Nov. 17,2003, while the price of crude soyoil was last revised March 3.India calculates import taxes on edible oils based on thesegovernment-set prices, called "tariff values," regardless of the actualimport price reported by importers. As a result, these tariff values havea big impact on edible oil prices in the local and overseas markets as achange in the tariff value effectively means a change in India's importtax.With palm oil prices steadily rising in the international market sinceNov. 17, 2003, any revision of the tariff value to reflect current marketprices would in effect lead to a higher tax on imported palm oil and couldtherefore be considered bearish for prices.India imports around 5 million tons of edible oils annually, and palmoil constitutes 74% of the total imports. "The government didn't want torisk (higher edible oil prices by a) revision of edible oil tariff valueswhen elections were round the corner. I think once a new government isformed, there will be a revision of these prices," said D.P. Khandelia,chairman of the Central Organization of Oil Industry and Trade, or COOIT.Similarly, grains exporters are awaiting a decision on exportsubsidies on rice and wheat once a new government is in office.India's wheat and rice exporters were, until August 2003, only allowedto source subsidized grains from the state-owned Food Corporation ofIndia. Starting Aug. 1, however, FCI abruptly stopped supplying grain toexporters amid concerns of falling national stocks.The federal government has since allowed exporters to buy grainsdirectly from farmers and had at that time promised a subsidy package tomake Indian rice and wheat competitive in the international market. Thatpackage is yet to be announced."Grain exports will pick up as soon as the government announces itssubsidy. However, in the current political scenario, no one expects asubsidy announcement before June," said Suresh Pandya, vice-president(exports) at Vishal Overseas, a major Indian exporter of grains.The lack of export subsidies has brought Indian grains exports to anear `halt, with only very small quantities exported over the past sixmonths.
Vegetable oils out of reach for many poor Pakistan
05/13/04 - Dara Masih picks a can of ghee - clarified butter used forcooking - from a shop in one of Lahore's poorest districts as he lamentsthe higher cost of healthier vegetable cooking oil, which is out of reachfor Pakistan's lower-income families.
Golden Hope makes downstream push
May 13, 2004 - GOLDEN HOPE Plantations Bhd (GHope) is gearing itself to bean integrated player in the plantation industry with equal focus onupstream and downstream activities.
Indonesia Set To Export Crude Palm Oil To South Ko
JAKARTA, May 14 Asia Pulse - Indonesia hopes to expand exports of crudepalm oil (CPO) to South Korea.
Philippine coconut industry asks US to amend label
BUSINESSWORLD (PHILIPPINES) 05/10/04 - The Philippine coconut industrywants the United States Food and Drug Administration (FDA) to amend itsnutrition labeling regulations so as not to adversely affect shipments ofPhilippine coconut oil and food products.
Indian oil trade eyes alliances in China
5/6/2004 - A 13-member Solvent Extractors' Association of India (SEAI)team went to China at the invitation of China National Vegetable OilAssociation (CNVOA). The visit was sponsored by ministry of commerce ofthe government of India.
Indonesia to host 2nd forum on sustainable palm oi
Medan, N Sumatra, May 5 (ANTARA) - Indonesia will host the second forumon sustainable palm oil scheduled for early September, one of itsorganizers said on Wednesday.