Wednesday, July 1, 2009
Sunday, June 21, 2009
Friday, June 19, 2009
Palm Oil Price Drops
Palm futures tumble as crude falls
June 18th, 2009Business Times
Thursday - June 18, 2009
CPO FUTURES
Palm oil futures yesterday declined as crude oil dropped, curbing the demand outlook for use of vegetable oils in alternative fuels.
The tropical commodity tumbled after gaining as much as 0.6 per cent earlier. Crude oil at more than US$72 a barrel supported palm oil between RM2,460 and RM2,500 a metric ton, CIMB Futures trader S Chandran said by phone.
“When crude oil stopped rising above US$72 and started stabilising between US$70 and US$72, crude palm oil had no additional support to push higher above a price of 2,500,” he said from Kuala Lumpur.
Palm oil for September delivery dropped as much as 1.4 per cent to RM2,366 a ton on the Malaysia Derivatives Exchange and traded at RM2,370 at 5.08 pm.
Crude oil for July delivery in New York fell 0.4 per cent to US$70.20 a barrel as of 5.06 pm Singapore time after earlier rising to US$71.28. The contract touched US$72.77 on Tuesday.
Rising palm oil supplies are also weighing on the price, Chandran said.
Stockpiles in Malaysia, the world’s second- largest producer, increased 5.7 per cent to 1.37 million tons in May from a month earlier, as output expanded and exports declined, the Malaysian Palm Oil Board said June 10.
“This month onwards, the production is going to keep rising, demand has slowed down a bit, anticipating the stocks to keep building up in the next two months until September,” he said.
Palm oil was likely to move to less than RM2,300 in the “near term,” Chandran said.
Thursday, June 11, 2009
Wednesday, June 10, 2009
CPO PRICE FUTURES FLAT, FALLING EXPORTS
JUNE 10, 2009
Crude palm oil futures end flat on talk of falling exports
NEWS SOURCE:
www.btimes.com.my
RELATED PALM OIL NEWS
Malaysian crude palm oil futures closed flat yesterday, giving up gains of up to around 1.6 per cent, as speculation over falling exports in the first 10 days of June sparked some late selling, traders said.
“We have to blame export rumours for the sell-off,” said a trader at a Kuala Lumpur-based brokerage.
The benchmark August contract on the Bursa Malaysia’s Derivatives Exchange settled up RM5 or 0.2 per cent, to RM2,465 per tonne, after trading as high as RM2,504. Overall volume was 15,648 lots of 25 tonnes each.
Cargo surveyors will report June 1-10 palm oil exports by the Southeast Asian country today.
The Malaysian Palm Oil Board (MPOB) will also announce May palm oil output, exports
and stocks today.
“We heard ten day exports at 289,000 tonnes, a drop of about 28 percent (from the same period in May). It is surprising because most people only think of (a) marginal fall to like 350,000 tonnes,” the Kuala Lumpur brokerage trader said.
Weaker demand from main buyers China and India at a time palm trees are entering a higher production season in the year could boost palm oil stocks in the world’s number 2 producer this month.
Palm prices inversely correlate to palm oil stocks. A drop in palm stocks to a 22-month low in April, coupled with lower yields in rival soybeans in South America, have played a key
role in supporting the price of the tropical oil, which has gained 45 per cent this year.
A Reuters poll on Monday forecast that Malaysia’s May palm oil stocks may drop 2.3 per cent to a 23-month low at 1.26 million tonnes, as exports and domestic demand were slightly higher than output, but the pace of decline is slowing.
In the Malaysian physical market, palm oil for June delivery was traded at RM2,480-RM2,510 in the southern and central regions.
Sunday, June 7, 2009
Palm Oil News : Palm Oil Export Cutback to India
JUNE 5, 2009 11:05 GMT+8
Cutback on palm oil exports to India likely
PETALING JAYA: Malaysia’s palm oil exports to India will likely register a cutback in the second half of this year due to India’s huge edible oils reserves and a possible re-imposition of import duties on vegetable oils, analysts said.
India had scrapped import duties on vegetable oils in April last year to keep prices at bay after inflation soared and oilseeds production declined.
Analysts said the latest development in the world’s second-largest edible oil consumer after China could disrupt the current healthy flow of local palm oil exports to India, especially during January to April.
“All will depend on the degree of the import tax re-imposition on palm oil. I believe if it is just 5% or 10% (import duty), it will still be manageable.
“However, if it goes beyond 20% on top of the current crude palm oil (CPO) price of RM2,600 per tonne, then exports in the coming months will definitely come down,” said CIMB Investment Bank Bhd analyst Ivy Ng.
Prior to India’s zero import duties regime, palm oil had been slapped with a 20% import duty.
According to the Malaysian Palm Oil Board (MPOB), local palm oil exports to India surged to 970,000 tonnes in 2008 compared with 511,167 tonnes in 2007.
Indian vegetable oil importers were seen increasing their uptakes over the past seven months, far beyond their normal requirement.
“This has resulted in huge edible oils reserves for end-May estimated at 1.7 million tonnes, exceeding the normal level of 1.1 million tonnes,” said an analyst with a foreign-based research house.
Last month, India was believed to have purchased over 800,000 tonnes of cooking oil, of which the bulk of about 700,000 tonnes were refined palm oil and CPO.
The analyst said: “This confirms our view that India’s astounding 76% edible oil import surge in the first four months this year has been for stockpiling rather than for consumption.”
He said Indian importers were busy stocking up on both crude and refined edible oils on fears that the recently-elected government in New Delhi would levy export and import taxes in the upcoming budget to be presented in parliament next month.
“If these taxes are imposed, the price of the commodity will increase more than the levy,” he added.
Meanwhile, a market observer said the export slowdown had started with the local palm oil shipment to India down to 121,000 tonnes in May from 163,000 tonnes in April.
MPOB is expected to release the latest May figures on palm oil export, production and inventory early next week.
Thursday, June 4, 2009
Friday, May 29, 2009
Palm Oil News
Palm futures flat as players cover positions
www.btimes.com.my
Published: 2009/05/29
CPO FUTURES
MALAYSIAN palm futures ended unchanged yesterday as some buyers took some positions after a key industry analyst predicted that prices of the vegetable oil could reach RM3,000 if the crude oil market strengthened.
The benchmark August contract on Bursa Malaysia’s Derivatives Exchange ended flat at RM2,505 per tonne (after going as low as RM2,440). Overall volume climbed to 12,897 lots of 25 tonnes each from 10,000 lots.
“I am surprised James Fry was that bullish. Players are just covering positions just in case the market starts to jump again on speculative trade,” said a trader with a local commodities brokerage.
yesterday, although he declined to give a timeframe.
Oil slipped on Thursday as global markets dropped on government debt worries but held firmly above US$63 a barrel as OPEC met in Vienna to discuss the group’s oil output and what price the world could afford to pay.
Crude oil markets give some direction to palm oil prices as rival vegetable oils like soyoil and rapeseed oil are increasingly diverted into the biodiesel sector in Europe and the United States, leaving palm oil to satisfy much of food demand.
US soyoil markets edged higher with the July delivery up 0.01 per cent in Asian hours. The most-active September soyoil contract on Dalian’s Commodity Exchange fell 0.6 per cent.
In the Malaysian physical market, palm oil for May and June shipment traded at RM2,560 and RM2,570 in the southern region.
Thursday, May 28, 2009
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Friday, May 22, 2009
Thursday, May 21, 2009
Monday, May 18, 2009
Wednesday, May 13, 2009
PRICE CPO MAY GO UP RM3000 (USD 857)
MAY 13, 2009 20:51 GMT+8
IOI Corp says palm oil yields will drop 5%
NEWS SOURCE:
www.btimes.com.my
RELATED PALM OIL NEWS
Palm oil stockpiles expected to drop below 1.8m tonnes Goldman Sachs: Palm oil to drop halting plantation stocks rally Crude Palm Oil Futures Fall on Concern Demand May Drop IOI Corp likely to see weaker 2Q earnings Malaysian Palm Oil Stockpiles & Output Drop to Nine-Month Low IOI Corp, Malaysia’s No 2. planter, said palm oil yields would fall by 5 per cent due to a current warm spell and that might push prices to RM3,000 in the near term if there was an uptick in overseas demand.
Planters struggled to boost output in Malaysia last month and may continue to do so as oil palms also suffered biological stress after last year’s strong harvests and low fertiliser use, IOI executive chairman Lee Shin Cheng said. Malaysia, the world’s second largest palm oil supplier, achieved yields at between 4 and 5 tonnes per hectare in 2008, government data showed. IOI, regarded as one of the most efficient plantations in Malaysia, achieved a yield of 6.1 tonnes, company data showed.
Hot weather leads to higher oil extraction rates as there is less water contamination but yields dry up as fresh fruit bunches are smaller and do not fully develop, plantation officials and traders have said. “Weather will be a crucial factor. Already people are talking about a possible El Nino. The market will be very explosive if poor weather sets in during the second half of 2009,” Lee said in an e-mail interview late today.
“Prices may go higher if there is a strong uptick in demand. We will not discount that RM3,000 is achievable in the near term. The benchmark July contract on Bursa Malaysia’s Derivatives Exchange settled up RM64 at RM2,789 (US$793.7) per tonne on rising hot weather fears in Malaysia and rival soyoil producing South America. Palm oil output in Malaysia and top supplier Indonesia generally registers double-digit growth in the second half of the year, building up stocks for the Asian festival season when top buyers India and China lock in supplies from June or July onwards.
But China appears to have kicked off its buying spree much earlier this year, with a 41.3 per cent rise in May 1-10 palm oil purchases compared to a month ago, cargo surveyor data showed early this week. “Barring weather, it is likely that crude palm oil prices could be lower in the second half (due to higher production),” Lee said. But we still do not expect prices to decline a lot and they should remain comfortably above RM2,500.”
IOI Corp says palm oil yields will drop 5%
NEWS SOURCE:
www.btimes.com.my
RELATED PALM OIL NEWS
Palm oil stockpiles expected to drop below 1.8m tonnes Goldman Sachs: Palm oil to drop halting plantation stocks rally Crude Palm Oil Futures Fall on Concern Demand May Drop IOI Corp likely to see weaker 2Q earnings Malaysian Palm Oil Stockpiles & Output Drop to Nine-Month Low IOI Corp, Malaysia’s No 2. planter, said palm oil yields would fall by 5 per cent due to a current warm spell and that might push prices to RM3,000 in the near term if there was an uptick in overseas demand.
Planters struggled to boost output in Malaysia last month and may continue to do so as oil palms also suffered biological stress after last year’s strong harvests and low fertiliser use, IOI executive chairman Lee Shin Cheng said. Malaysia, the world’s second largest palm oil supplier, achieved yields at between 4 and 5 tonnes per hectare in 2008, government data showed. IOI, regarded as one of the most efficient plantations in Malaysia, achieved a yield of 6.1 tonnes, company data showed.
Hot weather leads to higher oil extraction rates as there is less water contamination but yields dry up as fresh fruit bunches are smaller and do not fully develop, plantation officials and traders have said. “Weather will be a crucial factor. Already people are talking about a possible El Nino. The market will be very explosive if poor weather sets in during the second half of 2009,” Lee said in an e-mail interview late today.
“Prices may go higher if there is a strong uptick in demand. We will not discount that RM3,000 is achievable in the near term. The benchmark July contract on Bursa Malaysia’s Derivatives Exchange settled up RM64 at RM2,789 (US$793.7) per tonne on rising hot weather fears in Malaysia and rival soyoil producing South America. Palm oil output in Malaysia and top supplier Indonesia generally registers double-digit growth in the second half of the year, building up stocks for the Asian festival season when top buyers India and China lock in supplies from June or July onwards.
But China appears to have kicked off its buying spree much earlier this year, with a 41.3 per cent rise in May 1-10 palm oil purchases compared to a month ago, cargo surveyor data showed early this week. “Barring weather, it is likely that crude palm oil prices could be lower in the second half (due to higher production),” Lee said. But we still do not expect prices to decline a lot and they should remain comfortably above RM2,500.”
CPO FUTURES HIGHER DUE TO LOW SUPPLY
MAY 13, 2009 3:00 GMT+8
Crude palm oil futures higher on supply concerns
NEWS SOURCE:
www.btimes.com.my
RELATED PALM OIL NEWS
Crude palm oil futures higher on output concerns
Profit-taking halts crude palm oil palm futures rally MPOB report will provide lead on crude palm oil futures Crude palm oil futures higher on technical rebound Crude palm oil futures hit by massive selling Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed higher yesterday on concerns over supply following the current hot and dry weather, dealers said.
A dealer said the hot spell would affect the yield of palm oil production. In this situation, he said Malaysia would be unable to yield double-digit production.
At the close, the CPO futures for May 2009 increased RM35 to settle at RM2,860 per tonne, the June 2009 contract rose RM55 to RM2,795 per tonne, July 2009 advanced RM65 to 2,725 per tonne and August 2009 gained RM65 to 2,670 per tonne.
The day’s volume declined to 13,619 lots from the previous day’s 20,202 lots while open interests rose to 78,354 contracts from 78,227 contracts earlier. On the physical market, May South increased to RM2,870 per tonne from yesterday’s RM2,850 per tonne.
Crude palm oil futures higher on supply concerns
NEWS SOURCE:
www.btimes.com.my
RELATED PALM OIL NEWS
Crude palm oil futures higher on output concerns
Profit-taking halts crude palm oil palm futures rally MPOB report will provide lead on crude palm oil futures Crude palm oil futures higher on technical rebound Crude palm oil futures hit by massive selling Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed higher yesterday on concerns over supply following the current hot and dry weather, dealers said.
A dealer said the hot spell would affect the yield of palm oil production. In this situation, he said Malaysia would be unable to yield double-digit production.
At the close, the CPO futures for May 2009 increased RM35 to settle at RM2,860 per tonne, the June 2009 contract rose RM55 to RM2,795 per tonne, July 2009 advanced RM65 to 2,725 per tonne and August 2009 gained RM65 to 2,670 per tonne.
The day’s volume declined to 13,619 lots from the previous day’s 20,202 lots while open interests rose to 78,354 contracts from 78,227 contracts earlier. On the physical market, May South increased to RM2,870 per tonne from yesterday’s RM2,850 per tonne.
Sunday, May 10, 2009
LOW PALM OIL STOCK PRICES ON UP
| Business Times - | ||
| [Friday - May 08, 2009] | ||
| Lower palm oil stock level likely to keep prices steady | ||
| ||
Malaysian palm oil stocks stood at about 1.2 million tonnes yesterday, and this lower stock level is expected to keep crude palm oil (CPO) futures prices this year steady at between RM2,600 and RM2,800 per tonne. "The CPO futures prices will rise steadily. We will not see any big drop or spectacular rises like last year," Plantation Industries and Commodities Minister Tan Sri Bernard Dompok said after a visit to the Malaysian Palm Oil Board (MPOB) office in Bangi yesterday. Dompok said he expected the benchmark CPO price to increase to RM2,700 per tonne in the next three months from a closing price of RM2,680 per tonne on Wednesday. Spot month May south region meanwhile ended at RM2,850 per tonne on Wednesday. Palm oil stocks in Malaysia have been showing a downtrend as the government initiated a replanting scheme to encourage planters to chop down oil palm over 25 years old, in order to stabilise the commodity's price. As at March 2009, palm oil stockpiles fell 13 per cent to 1.36 million tonnes from 1.6 million in February, the lowest level since July 2007. MPOB is due to release the inventory data for April next week "If there are any changes in the underlying demand or supply, then the price will move up. If the world economic situation keeps on improving, the markets will acquire more products from Malaysia, including palm oil," Dompok said. He said his ministry is aiming to increase the country's commodity exports between 20 per cent and 30 per cent from about 17 per cent currently, although in value terms it will be less. Last year, Malaysia's earnings from export of commodities were RM112.4 billion, up 26.75 per cent from RM88.70 billion in 2007. Dompok said the ministry is working to improve productivity per hectare yearly because of the limited availability of land in Malaysia, adding that only Sarawak can expect to increase acreages for planting oil palm. "What I am looking at now is how productivity can be increased. Malaysia has been developing land for oil palm, rubber and cocoa cultivation for a long time, we are the leading nation in these crops," he added. Dompok said in the oil palm sector the national average production was four tonnes of CPO per hectare per annum, adding that what is important now is improving the production. The ministry will also look at how the smallholders can be assisted to be more productive, as well as narrow the price differential in cost and commodities between the Peninsular and Sabah and Sarawak, he said. Asked whether the ministry is planning to review the blending ratio in biodiesel due to the high cost, Dompok said: "This is an area we will think about. I want to know the facts and figures and look at the economics of palm biodiesel." Currently, government vehicles are using biodiesel with the Envo Diesel Esther (B5) brand, a blend of 5 per cent palm oil and 95 per cent diesel. Using biodiesel will become mandatory for the transport and industrial sectors by January 2010. - Bernama | ||
Thursday, May 7, 2009
PRICE MOVEMENT FROM JANUARY TO MAY
Benchmark and spot CPO futures contracts surge
The Star
Tuesday - May 05, 2009
by Hanim Adnan
The benchmark July crude palm oil (CPO) futures contract rallied to a nine-month high of above RM2,700 on Bursa Derivatives Exchange yesterday while the spot-month May contract jumped even higher to above RM2,800.
The July contract closed RM107 higher at RM2,702 a tonne while the June and May contracts rose RM121 each to RM2,755 and RM2,837 respectively.
A dealer said the market sentiment was 70% driven by fundamentals and 30% foreign interest.
Palm oil, a substitute for soyoil, closely tracked the sharp rally in soybean futures on the Chicago Board of Trade on Friday on fears over shrinking supply from major soybean producers like the United States and South America.
“I believe that the price discount between CPO and soybean will narrow further by 40% to 45%, given current developments,” the dealer said. CPO is traditionally traded at a US$100 to US$200 per tonne discount to soyoil.
On Bursa Malaysia, plantation stock IOI Corp Bhd closed 12 sen higher at RM4.42, its highest since Sept 26. Sime Darby Bhd rose 10 sen to RM6.70, Tradewinds Plantation Bhd put on 12 sen to RM1.87 and Hap Seng Plantations Bhd added eight sen to RM1.97.
Independent palm oil consultant MR Chandran told StarBiz that the RSPO-certified palm oil was fast attracting strong demand from the global food-based industry.
He said palm oil had proved to be a versatile “feedstock” for food, animal feed, oleochemicals and biofuel production.
“For CPO prices to trade at RM2,700 to RM2,800 per tonne, it clearly indicates the market has factored in reports of lower CPO production this year,” he said. “Malaysia will be hard pressed to achieve last year’s production of 17.9 million tonnes and will definitely miss the Malaysian Palm Oil Board’s 18.3 million target for 2009.”
The active oil palm replanting activities and reduced fertiliser usage due to the recent price hikes were taking a toll on local CPO production, Chandran said, adding that there were also fears over the shortage in other global oilseeds with palm oil being the most prominent.
OPPORTUNITIES IN SENEGAL
Senegal keen to import palm oil from Malaysia
Business Times
Saturday - April 25, 2009
by Rupa Damodaran
Malaysian palm oil producers can grow their exports to Senegal when duties are lowered later this year, said Malaysian ambassador to Senegal Datuk Jamiyah Mohamed Yusof.
Palm oil is not exported directly to Senegal right now as importers buy between 100,000 and 200,000 tonnes of palm oil from neighbouring African countries.
“They are keen to receive palm oil from Malaysia but have not established contacts with Malaysian companies.”
Speaking at the Malaysia External Trade Development Corp roundtable talk on business opportunities in Senegal yesterday, Jamiyah said apart from locally produced groundnut oil, the West African state has been importing soyabean oil from Brazil and Argentina.
A palm oil trader said his shipments have been slapped with a high tax of between 64 and 73 per cent last week as Senegal wants to protect its local groundnut oil.
“We’ve heard that the government is planning to lower these duties by the end of the year.”
Senegal is also interested to plant oil palm in the southern part of the country and it has sought Malaysia’s help.
There are opportunities for property developers, motorcycle manufacturers and even spare parts for the military as Senegal’s troops are part of the peacekeeping force in hotspots like Rwanda and Congo.
With Malaysian products limited in Senegal, Jamiyah said sectors like food processing, packaging, furniture, medical disposable items and electrical and electronic products could make a headway in its market and to other West African states.
For 2008, trade between both countries totalled RM53.97 million.
PALM OIL PRICES NEWS
Palm oil may hover around RM2,600 until August
Business Times
Saturday - April 25, 2009
by Ooi Tee Ching
The current price should sustain itself for about three to four months, says Malaysia Palm Oil Board’s director general
Palm oil prices could trade at around RM2,600 per tonne until August, thanks to continued strong exports and falling stock levels, said Malaysia Palm Oil Board (MPOB) director general Datuk Dr Mohd Basri Wahid.
Palm oil stocks have fallen to 1.3 million tonnes as at end-March 2009 from a record high of 2.2 million tonnes in November 2008, as oil palm trees produce less fruits.
“The current price should sustain itself for about three to four months but when production starts to pick up in September or October, we are unsure how the price will move,” he told reporters in a joint media briefing with Sime Darby Bhd and Felda in Bangi, Selangor, yesterday.
“We didn’t expect the price to jump to current levels this fast but we are happy,” Mohd Basri said.
He then said the Finance Ministry will start collecting windfall tax next month if in the current month planters in Peninsular Malaysia record an average crude palm oil (CPO) sales of above RM2,500 per tonne.
In Sabah and Sarawak, the threshold level is RM3,000.
Previously, it was RM2,000 for the whole country.
It is estimated that the government has collected some RM400 million since the tax was introduced in July last year.
In the three months to September 30 last year, oil palm estate owners in the peninsula paid 15 per cent tax while those in Sabah and Sarawak paid 7.5 per cent.
Subsequently, from October last year to now, palm oil prices have been rising. Since it was trading below the threshold levels, the windfall tax was not applicable.
This week, however, palm oil futures pierced through RM2,500 per tonne.
Yesterday, the third-month benchmark palm oil futures on the Bursa Malaysia Derivatives market rose RM5 to close at RM2,585 per tonne.
Wednesday, May 6, 2009
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Tuesday, May 5, 2009
ABOUT LEGEND GROUP
LEGEND Group of Companies has a well nurtured trading portfolio which stretches from palm oil, food and beverages, pulses, frozen foods, canned foods, plastic raw materials, building and construction materials, scrap materials, paper products, machineries, furniture and wood products.
Within a decade LEGEND Group expanded its business wings into various diversified activities via subsidiaries companies in oil palm plantations, trading, manufacturing, shipping and freight forwarding.
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Our team of high professionals and our business commitment has been proven to be consistently delivering quality service, meeting delivery schedule and brings value trading to our customers.
Our Vision
To become a preferred business partner to our customers and suppliers around the world
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Our Objective
We realize our vision with LEGEND:
Learning becomes continual process to sustain and grow as market leader;
Excellent internal process and procedure for seamless business transaction;
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Efficiency in adhering customer request;
Negotiate supplies as to create value purchase to our customers;
Diligently undertake and guide our supplier-customer for prompt delivery.
Legend Group of Companies (Malaysia, Dubai, Singapore, UK)
Malaysia
Legend Exports Sdn Bhd
- Focuses on product sourcing and global export market
Legend Edible Oil (M) Sdn Bhd
- Focuses on cooking oil re-packing and distribution for local market
Legend Plantation Sdn Bhd
- Focuses on upstream plantation activities, consultation and management
Legend Manufacturers Sdn Bhd
- Focuses on manufacturing and related activities
Legend Shipping & Forwarding Sdn Bhd
- Provide support in export and distribution activities
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