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6741-6760 of 6778
The benchmark June contract KPOM8 on the Bursa Malaysia Derivatives Exchange rose as much as 150 ringgit to 3,650 ringgit ($1,147) on Wednesday, a level unseen since 14 March. By the midday break, the contract was trading up 140 ringgit at 3,640 ringgit. (Reporting by Naveen Thukral; Editing by Niluksi Koswanage)
Palm oil demand globally still very strong. Very strong buying support for Golden agri this morning despite STI being down.
Asia Planataion 25 Mar ->
India slashes CPO import tariffs
CPO tariffs cut but not soy oil?s
Effective 20 March, import duties for vegetable oils, with the exception of soy oil, have been cut. The import tariff for crude palm oil (CPO) has been slashed to 20% from 45% ? one of the single largest cuts in recent times. Similarly, refined palm product duties have been slashed to
27.5% from 52.5%. The duty on soy oil imports remains at 45%. We believe more cuts are in store in coming months.
Driven by inflationary concerns and poor harvests
�� Demand for commodities is most inelastic at the lowest prices and hence, CPO is the prime beneficiary of any down-trading;
��
These events further strengthen our conviction that the sector offers excellent buying opportunities, despite the subdued commodity market. India will stay a strong buyer of palm oil
417,000 tonnes of palm oil, 70% more than in January 2007 ? even with a 45% import tariff. In the same period, however, India only imported 84,000 tonnes of soy oil (unchanged compared to January 2007). India is expected to buy between 4.8-5.0m tonnes of palm oil in 2008, up from 4.3m tonnes in 2007, while soy oil imports will fall to 0.6m tonnes from 1.2m tonnes a year ago. Remain overweight plantations
Got below from PHilip Securities.
Anyone care to analyst bvelow news on price movement of this ctr. Vested too early this morning at .965
accdg to bbrg news ....
By Yoga Rusmana and Naila Firdausi
March 25 (Bloomberg) --
producer of palm oil, will double the tax rate on exports of the
commodity next month, the country's trade ministry said.
The rate on crude palm oil shipments will be raised to 20
percent, Erfandi Tabrani, a director for agricultural exports at
the ministry, said in a telephone interview in
The government will also raise next month's base price for
calculating tax on exports of crude palm oil to $1,196 on April 1
from $988 a ton in March, Erfandi said. Indonesian exporters pay
the government tax on crude palm oil exports using a base price
determined by the ministry of trade every month.
The Indonesian government, seeking to stem gains in local
cooking oil prices, announced last month revised tax rates for
palm oil exports. Previously, shipments of crude palm oil were
taxed on a rising scale linked to international prices that
peaked at 10 percent. Under the new plan, the export tax will be
stepped up in stages to 20 percent if prices exceed $1,200 a ton,
and at a maximum rate of 25 percent if prices exceed $1,300 a ton.
``The rate will increase because the reference price in
Palm oil futures in
70 percent in the past a year and reached a record 4,486 ringgit
($1,401) a ton on March 4. The June contract traded at 3,448
ringgit as of 12:30 p.m.
The following table shows the export tax rates and base
prices for palm oil products the government sets for April, and
the rates for March. Base prices are stated in U.S. dollar per
ton. Base prices for April were given by Erfandi, while March
rates were announced by the trade ministry last month. RBD refers
to refined, bleached and deodorized.
That's what I have been noticed too over the past few trading sessions. Below is today's last minute action.
Time Price Volume Type
17:05:02 0.970
14,376,000 X
16:59:59 0.960 2,000 Buy
Up
16:59:59 0.960
44,000 Buy Up
16:59:59 0.955 5,000 Sell
Down
16:59:56 0.960
5,000 Buy Up
16:59:55 0.960 20,000 Buy
Up
16:59:47 0.960
10,000 Buy Up
16:59:36 0.960 5,000 Buy
Up
Cheers!
Golden Agri has very strong fundamentals... their cost of producing palm oil is about US$200, while the market price will stay likely above US$1000. Their margin will be still big with the recent CPO price drops. They made 34cents per share for the year, so it's ridiculously low PE that someone might actually buy them out at the current price of 90cents.
Last few days, towards the end of the day, there is always a huge buyer.. bidding up with millions of shares. Anyone who shorts this bugger is either very brave or very big player.
Golden Agri and palm oil counters were recently sold down aggressively because of recent correction of commodity prices. They have since rebounded in tandem with the recovery of CPO prices.
Crude palm oil futures on the Bursa Malaysia derivatives Exchange today are trading on a positive note taking cues from CBOT market coupled with release of bullish palm oil export data. India's reduction of import duty on palm oil imports is also supporting the momentum.
According to Intertek Agri Services, during March 1st to 25th period, Malaysia had exported 1.01 million tonnes of palm oil, up by 10% from 913,062 exported in the same period a month ago.
The import duty on crude palm oil was cut to 20 percent from 45 percent, while that on refined palm oil was trimmed to 27.5 percent from 52.5 percent by the India Govt last week.
These factors should bode well for palm oil counters at least in the near term.
Why the sudden interest in this counter. Strange.
last 10 mins flies up.... phew~~~~
Hi guys,
PALM OIL : Malaysian Palm Oil Futures Hit Limit Down of 10%
KUALA LUMPUR, March 18 (Reuters) - Malaysian crude palm-oil futures fell to
their daily limit of 10 percent on Tuesday as global grains and vegetable
oil markets dropped sharply, dealers said.
The benchmark June contract <KPOM8> on the Bursa Malaysia Derivatives
Exchange fell 360 ringgit, or 10 percent, to 3,240 Malaysian ringgit
($1,015) a tonne. ($1 = 3.191 ringgit)