Friday, January 30, 2009

Palm at 3-week lows on weak crude, falling demand

KUALA LUMPUR, Jan 29 (Reuters) - Malaysian crude palm oil fell 2.1 percent to more than three-week lows on Thursday, pressured by weak crude and slowing shipments, although traders said drought hurting South American soyoil could spur demand.
Palm oil, used in products ranging from biscuits to biofuel, have soared by a third from an Oct. 28 low of 1,331 ringgit thanks to falling domestic stockpiles but have failed to stay above 1,800 ringgit due to volatile crude markets and long Lunar New Year holidays.

Wednesday, January 28, 2009

Indonesia's Astra Agro 2008 CPO sales up 13 pct

JAKARTA, Jan 27 (Reuters) - Indonesia's biggest listed plantation firm, PT Astra Agro Lestari Tbk, said on Tuesday its crude palm oil (CPO) sales volume rose 13.2 percent in 2008, supported by robust domestic demand.

The firm sold 970,728 tonnes of CPO in 2008, against 857,824 tonnes in 2007, with domestic sales rising 21 percent to 860,114 tonnes last year, Astra Agro said in a statement on its website.

Indonesia keeps Feb palm oil export tax at zero

JAKARTA, Jan 27 (Reuters) - Indonesia is maintaining its zero percent palm oil export tax in February, while raising the crude palm oil base export prices to $482 a tonne from $418 a tonne in January, a trade ministry official said on Tuesday.

"The export tax will remain at zero in February because the reference price was at $555.98 per tonne," Diah Maulida, director general of foreign trade at the trade ministry said.

RTRS-Malaysia to hike palm tax threshold -paper

KUALA LUMPUR, Jan 23 (Reuters) - Malaysia is expected to raise the windfall tax threshold for crude palm oil next month as planters face high production costs, the Edge Financial Daily reported on Friday, quoting an unidentified source.
The paper said the threshold could be raised to around 2,600-2,800 ringgit ($718-$774) per tonne from 2,000 ringgit now, with a finance ministry decision expected by February.
"The authorities are coming up with a compromise between the planters and the government for the long term," the source was quoted as saying.