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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

LEGEND PRODUCTS


LEGEND VEGETABLE COOKING OIL 100% CHOLESTEROL FREE

Palm olein Vegetable Cooking Oil Applications & Benefits :

- Ideal for cooking and baking.
- Very rich in Vitamin E.
- No Trans Fatty Acids.
- Cholestrol and Lactose FREE.
- No artificial additives or preservatives. 
Shelf Life is 24 months from the date of production.
Legend Vegetable Cooking Oil is conforms to the requirements stipulated by Malaysian Food Act and Regulations , 1997.
Certified HALAL by Islamic Development Department of Malaysia (JAKIM).

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.  
 

With these synergies we are able to leverage our trading business most profitable, cost effective and business satisfaction to our valuable customers.

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; 

Growth is our manifestation of good performance; 

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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