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Mixed forecasts for palm oil at POC2026
CPO FUTURES CLOSE LOWER ONSTRONGER RINGGIT, CONCERNS OVERWEAK DEMAND
Palm oil ends lower after MPOB’s data release
CPO prices to consolidate at RM4,000 to RM4,300
Golden Hope to maintain performance
Friday, October 12, 2001 (The Star) - GOLDEN Hope Plantations Bhd expectsto maintain its performance next year despite bearish crude palm oil (CPO)prices and uncertainty over its exports to India and Pakistan.Golden Hope chairman Tan Sri Ahmad Sarji said he expected the company tomeet its targeted 10% increase in earnings for the year ending June 30,2002, through cost-cutting and higher productivity.The group, he said, also expected its property division to do well in thecurrent year with new flagship property projects in the pipeline.“We will keep to our target and remain hopeful,’’ he told reporters afterGolden Hope’s AGM and EGM in Kuala Lumpur yesterday.Sarji said Golden Hope’s exports to Pakistan and India were slightlyaffected by the recent 1% increase in freight charges and disruption ofshipment.“I think the government and the industry would soon be able to find analternative route to help overcome this setback,’’ he said.Golden Hope produces about 360,000 tonnes of CPO and exports about halfits output to Pakistan and India.Sarji said the profit target for 2002 was made before the US air strikeson Afghanistan, adding that the group was unable to ascertain theirpossible impact on its exports.The Gulf War in 1990, he added, had a positive impact on exports to Indiaand Pakistan.On the group’s plans to expand downstream, Sarji said talks on theacquisition of companies were on-going.He said the group was planning flagship projects in strategic locations toprepare itself for a pick-up in the property market.Sarji expressed hope the government would introduce more measures andincentives, especially to support the adoption of information andcommunications technology and double the tax deduction for training in theupcoming budget.
Kekalkan daya saing industri sawit
Oleh Mohd Saufi Awang (saufi@mpob.gov.my)06 October 2001 (NSTP)
Kursus penyiasat minyak sawit
06 October 2001 (NSTP)
Malaysia palm oil futures eye 982 rgt resistance
KUALA LUMPUR, Oct 11 (Reuters) - The following are factors likely toaffect the performance of Malaysian palm oil futures on Thursday.* Chicago Board of Trade soybean and soymeal futures closed lowerWednesday on technical selling and reports of a pickup in the U.S. harvestpace, while soyoil closed mixed, following this week's rally after Indiacut its base price of palm oils.CBOT soyoil futures closed up 0.05 cent per lb to down 0.07 cent per lb,with October up 0.05 cent at 15.32 cents and December unchanged at 15.49cents.* Technical analysts said short term outlook was positive in Malaysia'scrude palm oil futures, but the market has yet to break free from thebears."The market needs to break 982 ringgit in order to go up to 1,000ringgit," said one analyst in Kuala Lumpur."It doesn't mean the classic bear is over yet. Based on the currenttechnical indicators, the bearish trend is intact," he added.The analyst pegged support at 944 ringgit and major resistance at 982ringgit. Next resistance was seen at 1,010 ringgit.* In India, traders said that local importers are likely to increase palmoil buying in the next few months following the government's cut of baseimport prices.The reduction, announced on Tuesday, has resulted in a fall of 10 to 20percent in the effective import levies on palm oils, making imports moreattractive.India, the world's largest buyer of edible oils, is now likely to buy morethan the earlier estimated 400,000 to 450,000 tonnes in October, saidtraders.In Malaysia, palm oil futures ended sharply higher on Wednesday due tomarket-friendly export figures and India's move to cut base prices of palmoils.The benchmark third-month December palm oil contract was up 56 ringgit at973 ringgit ($256.05) a tonne after trading as high as 980 ringgit,slightly below key resistance of 986 ringgit.
Pakistan offering guarantees for commodity cargoes
SINGAPORE, Oct 11 (Reuters) - Pakistan has urged insurance firms not tolevy war risk surcharges on cargoes as shipowners are increasinglyreluctant to charter vessels since the U.S. launched retaliatory strikeson Afghanistan, shipping industry officials said on Thursday.Many industry officials see India, Pakistan and Bangladesh as a "risktriangle" as the Taliban faced a fourth consecutive day of militarystrikes for sheltering Osama bin Laden, the prime suspect behind theSeptember 11 airplane attacks on the U.S."The reluctance of shipowners have increased after the retaliatory strikesbegan on Afghanistan," said one Karachi-based shipping industry official."More and more owners are insisting on higher war risk insurance cover."Shipbrokers in Karachi added that Pakistani government officials werecurrently in talks with some insurance firms, and were offering guaranteesfor their vessels."The government is trying its best to issue indemnity to insurancecompanies for not levying a war risk surcharge," said the shippingindustry official. "All efforts are being made. The government is tellingthem that their ships will be safe."Last week, three international shipping lines, Korean lines HyundaiMerchant Marine Co Ltd and Wanhai Line, together with Hong Kong-basedOrient Overseas Container Lines (OOCL) suspended operations to assess warrisk insurance charges.Shipping officials said on Wednesday they had decided to resume Pakistanoperations.Pakistani shipbrokers said Karachi port officials had recently called ameeting with trade officials to discuss the crisis arising out of themilitary offensive in its neighbour."We told them (port authorities) that we are facing this problem. They aretrying to issue a notice in newspapers that it is safe to come here," saidone shipbroker, adding that one U.S. ship coming to Pakistan was alsooffered escort.One Indian shipbroker added that shipowners were extremely cautious. "Nocontract cancellation has taken place but the impact is somewhat felt.Shipment costs to the Middle East have somewhat gone up."
Palm oil, latex prices take a dive after Sept 11 a
11 October 2001 ( Business Times) - The prices of palm oil and latex hasdropped since the Sept 11 attacks on America, causing further hardship tosmallholders.
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Biofuel: Melihat kehadapan
